Data / Bank failures / 1991 / First American FSB
First American FSB, Tucson, AZ: failed August 16, 1991
First American FSB in Tucson, Arizona, failed on August 16, 1991. State SB, FSB of Tucson, AZ, took over its deposits. It held $145 million in assets and $130.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $11.2 million (7.7% of its assets). By assets it was the 104th largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- August 16, 1991
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- State SB, FSB, Tucson, AZ
- Total assets
- $144,988,000
- Total deposits
- $130,273,000
- Estimated cost to the FDIC
- $11,228,771 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 32249
Other bank failures in Arizona, 1989 to 1993
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Columbia Bank | Avondale | February 27, 1992 | $17 million | $16.9 million | $3.7 million | Valley NB of Arizona |
| Fountain Bank | Scottsdale | January 31, 1992 | $15.6 million | $16.1 million | $4.7 million | Bank of Arizona |
| The Bank of Verde Valley | Cottonwood | January 16, 1992 | $10.3 million | $10.2 million | $1.4 million | Stockmens Bank |
| Arizona Commerce Bank | Tucson | April 12, 1991 | $80.8 million | $79.8 million | $7.3 million | Arizona Bank of Commerce |
| Farmers and Merchants Bank | Buckeye | June 18, 1990 | $24 million | $22.4 million | $5.8 million | The Stockmen's Bank |
| Guardian Bank | Scottsdale | April 26, 1990 | $25.9 million | $27 million | $8.4 million | Citibank (arizona) |
| Central Arizona Bank | Chandler | April 26, 1990 | $6.6 million | $7.1 million | $1 million | Security Pacific Bank Arizo |
| Independent National Bank | Phoenix | March 15, 1990 | $12.4 million | $13.5 million | $3.2 million | Citibank(arizona) |
All bank failures in 1991 · All bank failures in Arizona · 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.