Data / Bank failures / 1989 / First Fed. S & L Assoc.
First Fed. S & L Assoc., Atlanta, GA: failed March 9, 1989
First Fed. S & L Assoc. in Atlanta, Georgia, failed on March 9, 1989. Merchant Bank of Atlanta of Atlanta, GA, took over its deposits. It held $301 million in assets and $249.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $18.2 million (6% of its assets). By assets it was the 93rd largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 9, 1989
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Merchant Bank of Atlanta, Atlanta, GA
- Total assets
- $300,987,000
- Total deposits
- $249,784,000
- Estimated cost to the FDIC
- $18,184,756 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 27702
Other bank failures in Georgia, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Cobb Fsa | Marietta | November 8, 1991 | $83.2 million | $82.8 million | $25.5 million | First Union NB of Ga |
| United FS & La | Smyrna | May 31, 1991 | $119.3 million | $106 million | $11 million | |
| Guaranty Fsa | Warner Robins | May 10, 1991 | $25.6 million | $23.6 million | $9.8 million | Crossroads Bank of Ga |
| First Federal SB, FSB | Ashburn | April 5, 1991 | $30.2 million | $30.6 million | $2.7 million | |
| The Federal SB, FSB | Swainsboro | March 22, 1991 | $150.9 million | $131.2 million | $46.3 million | |
| First FS & La | Dallas | February 22, 1991 | $37.5 million | $36.2 million | $4.1 million | Etowah Bank |
| Fulton Federal Savings Bank | Atlanta | January 4, 1991 | $2.02 billion | $1.38 billion | $80.6 million | |
| Moultrie Savings Bank FSB | Moultrie | June 15, 1990 | $65.8 million | $52.7 million | $2.5 million | Moultrie NB |
All bank failures in 1989 · All bank failures in Georgia · 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.