Data / Bank failures / 1992 / First American FSB
First American FSB, Greensboro, NC: failed June 5, 1992
First American FSB in Greensboro, North Carolina, failed on June 5, 1992. Centura Bank of Rocky Mount, NC, took over its deposits. It held $804.3 million in assets and $639.1 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $35.4 million (4.4% of its assets). By assets it was the 24th largest of 181 banks closed or assisted in 1992.
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The FDIC's record
- Closed
- June 5, 1992
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Centura Bank, Rocky Mount, NC
- Total assets
- $804,316,000
- Total deposits
- $639,124,000
- Estimated cost to the FDIC
- $35,420,604 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 29595
Other bank failures in North Carolina, 1990 to 1994
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Crown National Bank | Charlotte | May 20, 1993 | $26.3 million | $24.8 million | $1.7 million | Lincoln Bank of NC |
| First Hanover Bank | Wilmington | October 25, 1991 | $48.2 million | $46.5 million | $5.7 million | Central Carolina Bank and T |
| Surety FS & La | Morganton | July 9, 1991 | $224.8 million | $163.4 million | $1.8 million | First Citizens B&TC |
| Preffered Savings and Loan | High Point | March 8, 1991 | $224.5 million | $174.8 million | $19.2 million | Southern NB of NC |
| First Federal Savings | Raleigh | December 7, 1990 | $520.4 million | $427.5 million | $55.7 million | |
| Southeastern Savings Bank | Charlotte | November 16, 1990 | $422.3 million | $367.6 million | $23.6 million | |
| Guaranty Savings Bank FSB | Fayetteville | July 27, 1990 | $53.9 million | $49.9 million | $8.5 million | |
| North Carolina FS & La | Charlotte | March 2, 1990 | $628.1 million | $455 million | $41.8 million | First Citizens B&TC |
All bank failures in 1992 · All bank failures in North Carolina · 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.