Data / Bank failures / 1989 / First Federal Bank of Alaska
First Federal Bank of Alaska, Anchorage, AK: failed March 2, 1989
First Federal Bank of Alaska in Anchorage, Alaska, failed on March 2, 1989. First NB of Anchorage of Anchorage, AK, took over its deposits. It held $137.6 million in assets and $192.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $134 million (97.3% of its assets). By assets it was the 182nd largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 2, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First NB of Anchorage, Anchorage, AK
- Total assets
- $137,633,000
- Total deposits
- $192,285,000
- Estimated cost to the FDIC
- $133,968,531 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 30856
Other bank failures in Alaska, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Alliance Bank | Anchorage | April 21, 1989 | $779 million | $797.2 million | $75.9 million | National Bank of Alaska |
| Home Savings Bank | Anchorage | March 2, 1989 | $91.5 million | $82.7 million | $63.2 million | Security Pacific Bank Ak, N |
| Alaska Statebank | Anchorage | February 3, 1989 | $90.8 million | $96.9 million | $17.3 million | Key Bank of Alaska |
| Alaska Continental Bank | Anchorage | August 3, 1988 | $51.5 million | $52.3 million | $20.5 million | First Interstate Bank of |
| United Bank Alaska (assistance) | Anchorage | January 28, 1988 | $314.3 million | $368.3 million | $170.7 million | Alliance Bank |
| Alaska Mutual Bank (assistance) | Anchorage | January 28, 1988 | $1.18 billion | $924.8 million | $170.7 million | National Bank of Alaska |
| First Interstate Bank of Alaska | Anchorage | December 11, 1987 | $367.7 million | $358.9 million | $104.4 million | National Bank of Alaska |
| Alaska National Bank of the North | Fairbanks | October 22, 1987 | $203.1 million | $200.2 million | $34.3 million | National Bank of Alaska |
All bank failures in 1989 · All bank failures in Alaska · 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.