Data / Bank failures / 1990 / First City FSB
First City FSB, Lucedale, MS: failed September 7, 1990
First City FSB in Lucedale, Mississippi, failed on September 7, 1990. Magnolia FB for Savings of Hattiesburg, MS, took over its deposits. It held $41.7 million in assets and $38 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $9 million (21.6% of its assets). By assets it was the 242nd largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- September 7, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Magnolia FB for Savings, Hattiesburg, MS
- Total assets
- $41,726,000
- Total deposits
- $38,043,000
- Estimated cost to the FDIC
- $9,000,831 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 31887
Other bank failures in Mississippi, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Security FS & La | Jackson | October 16, 1992 | $276.5 million | $271.4 million | $42.6 million | |
| Foxworth Bank | Foxworth | August 7, 1992 | $36.5 million | $36 million | $5.4 million | Trustmark National Bank |
| 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 |
| 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 |
Other failed banks Magnolia FB for Savings took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Greenwood FS & La | Greenwood | MS | February 23, 1990 | $26.7 million | $25.6 million | $4.5 million | Magnolia FB for Savings |
| Brookhaven FS & La | Brookhaven | MS | January 18, 1990 | $42.7 million | $42 million | $8.2 million | Magnolia FB for Savings |
All bank failures in 1990 · All bank failures in Mississippi · Every failed bank Magnolia FB for Savings 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.