Data / Bank failures / 1989 / Commonwealth S & L Assoc.
Commonwealth S & L Assoc., Osceola, AR: failed March 2, 1989
Commonwealth S & L Assoc. in Osceola, Arkansas, failed on March 2, 1989. Southbank, A FSB of Corinth, MS, took over its deposits. It held $37.1 million in assets and $35.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $15.2 million (41.1% of its assets). By assets it was the 359th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 2, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Southbank, A FSB, Corinth, MS
- Total assets
- $37,061,000
- Total deposits
- $35,661,000
- Estimated cost to the FDIC
- $15,246,632 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 31653
Other bank failures in Arkansas, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Northwest National Bank | Fayetteville | August 16, 1991 | $29.4 million | $30.2 million | $936,463 | Citizens Bank of Northwest |
| United FS & La | Jonesboro | June 28, 1991 | $142.5 million | $136.7 million | $16.3 million | |
| Arkansas FSB | Little Rock | December 21, 1990 | $71.7 million | $61.6 million | $15.4 million | |
| Texarkana FS & La | Texarcana | December 7, 1990 | $40.4 million | $43.2 million | $11.2 million | Citizens NB |
| First Sa | Paragould | November 30, 1990 | $64.1 million | $46.7 million | $24.6 million | Peoples Bank |
| First American Federal Savings | Fort Smith | May 25, 1990 | $450.7 million | $444.2 million | $45.2 million | |
| Citizens National Bank of Walnut Ridge | Walnut Ridge | February 2, 1990 | $37.5 million | $34.1 million | $6.3 million | The Lawrence County Bank |
| Grand Prairie FS & La | Stuttgart | January 26, 1990 | $31.5 million | $24.8 million | $14.2 million |
Other failed banks Southbank, A FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Palm Beach Fsa | Palm Beach Garden | FL | December 8, 1992 | $59.4 million | $54.4 million | $20.9 million | Southbank, A FSB |
| Fidelity FSB | Corinth | MS | April 6, 1989 | $116.4 million | $135.3 million | $96.6 million | Southbank, A FSB |
| Republic Bank for Savings | Jackson | MS | April 6, 1989 | $43.4 million | $85.2 million | $73.6 million | Southbank, A FSB |
All bank failures in 1989 · All bank failures in Arkansas · Every failed bank Southbank, A FSB took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.