Data / Bank failures / 1989 / Fidelity FSB
Fidelity FSB, Corinth, MS: failed April 6, 1989
Fidelity FSB in Corinth, Mississippi, failed on April 6, 1989. Southbank, A FSB of Corinth, MS, took over its deposits. It held $116.4 million in assets and $135.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $96.6 million (83% of its assets). By assets it was the 203rd largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- April 6, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Southbank, A FSB, Corinth, MS
- Total assets
- $116,410,000
- Total deposits
- $135,275,000
- Estimated cost to the FDIC
- $96,601,927 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 32259
Other bank failures in Mississippi, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Mercantile Savings Bank | Southaven | April 19, 1991 | $33.8 million | $34 million | $9.1 million | First TN Bank NA, MS |
| Peoples Federal Savings Bank | Bay ST. Louis | February 8, 1991 | $59.7 million | $53.9 million | $2.1 million | Hancock Bank |
| First City FSB | Lucedale | September 7, 1990 | $41.7 million | $38 million | $9 million | Magnolia FB for Savings |
| Charter Bank, A FSB | Hattiesburg | July 20, 1990 | $130.8 million | $68.9 million | $22.6 million | |
| First Jackson FSB | Jackson | June 29, 1990 | $116.5 million | $91.4 million | $22 million | Trustmark NB |
| Southern Federal Bank for Savings | Gulfport | June 22, 1990 | $142.8 million | $93.9 million | $35 million | |
| Mississippi Savings Bank, FSB | Batesville | May 8, 1990 | $172.3 million | $148.7 million | $16.3 million | |
| Southeastern Federal Savings Bank | Laurel | April 20, 1990 | $49.8 million | $38.4 million | $8.9 million | Citizens NB of Meridian |
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 |
| Republic Bank for Savings | Jackson | MS | April 6, 1989 | $43.4 million | $85.2 million | $73.6 million | Southbank, A FSB |
| Commonwealth S & L Assoc. | Osceola | AR | March 2, 1989 | $37.1 million | $35.7 million | $15.2 million | Southbank, A FSB |
All bank failures in 1989 · All bank failures in Mississippi · Every failed bank Southbank, A FSB took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. 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.