Data / Bank failures / 1988 / Coosa FS&LA
Coosa FS&LA, Gadsden, AL: received FDIC assistance September 6, 1988
Coosa FS&LA in Gadsden, Alabama, received open bank assistance from the FDIC on September 6, 1988. It held $72.1 million in assets and $76.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $13.1 million (18.2% of its assets). By assets it was the 227th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- September 6, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Secor Savings Bank FSB, Birmingham, AL
- Total assets
- $72,057,000
- Total deposits
- $76,164,000
- Estimated cost to the FDIC
- $13,121,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 31202
Other bank failures in Alabama, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First FS & La of Andalusia | Andalusia | December 28, 1990 | $38.7 million | $37.7 million | $6.3 million | Colonial Bank |
| Tuskegee S & La | Tuskegee | November 30, 1990 | $31.8 million | $28.5 million | $15.3 million | First Tuskegee Bank |
| City FS & La | Birmingham | March 30, 1989 | $712 million | $648.2 million | $53.3 million | First Alabama Bank |
| Baldwin County Fed. Savings Bank | Robertsdale | March 30, 1989 | $171.5 million | $156.8 million | $7.3 million | First Alabama Bank |
| Phenix Fed. S & L Assoc. | Phenix City | March 9, 1989 | $150.3 million | $194.8 million | $69.9 million | |
| First Savings Bank of Alabama | Hamilton | March 9, 1989 | $26 million | $24 million | $1.9 million | Southtrust Bank of Marion C |
| Guaranty Fed. S & L Assoc. | Birmingham | February 17, 1989 | $381.3 million | $398.6 million | $55.9 million | Southtrust Affliated Banks |
| Gulf FS&LA (assistance) | Mobile | November 12, 1987 | $6.1 million | $6.5 million | $1.3 million | Gulf Federal Bank A FSB |
All bank failures in 1988 · All bank failures in Alabama · 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.