Data / Bank failures / 1990 / First Federal Sav. Assoc./bluefield
First Federal Sav. Assoc./bluefield, Bluefield, WV: failed February 23, 1990
First Federal Sav. Assoc./bluefield in Bluefield, West Virginia, failed on February 23, 1990. First FSB of Bluefield, WV, took over its deposits. It held $39.3 million in assets and $33.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.6 million (6.6% of its assets). By assets it was the 247th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- February 23, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First FSB, Bluefield, WV
- Total assets
- $39,261,000
- Total deposits
- $33,226,000
- Estimated cost to the FDIC
- $2,579,099 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 28176
Other bank failures in West Virginia, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Shenandoah Fsa | Martinsburg | May 8, 1992 | $94.2 million | $69 million | $5.1 million | Blue Ridge Bank |
| Evergreen FS & La | Charleston | September 13, 1991 | $40.3 million | $35 million | $3.6 million | Merchants NB of Montgomery |
| The Blueville Bank of Grafton | Grafton | April 5, 1991 | $48.1 million | $46.9 million | $3.8 million | The Empire National Bank of |
| First Standard Fed. Savings Assoc. | Fairmont | February 23, 1990 | $77.6 million | $75.6 million | $3,727 | Community B&T, NA |
| Lewis County Savings and Loan Co | Weston | May 12, 1989 | $4 million | $3.9 million | $405,429 | Community Bank & Trust, Nat |
| Mountain State FS&LA (assistance) | Clarksburg | February 10, 1988 | $91.4 million | $100.5 million | $21.7 million | Traders FS&LA |
| Magnet Bank FSB (assistance) | Charleston | February 10, 1988 | $547.1 million | $418.8 million | $115.9 million | Traders FS&LA |
| Traders FS&LA (assistance) | Parkersburg | February 10, 1988 | $68.5 million | $73.1 million | $18.9 million | Atlantic Financial Federal |
Other failed banks First FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| First Federal Savings of Toledo | Toledo | OH | February 1, 1991 | $1.02 billion | $1.02 billion | $38.4 million | First FSB |
| First Federal Savings & Loan | San Antonio | TX | January 4, 1991 | $638.6 million | $472.4 million | $37.7 million | First FSB |
| Broadview Savings Bank | Cleveland | OH | March 30, 1989 | $1.78 billion | $1.14 billion | $94.7 million | First FSB |
| Pan American, FS&LA (assistance) | Rio Piedras | PR | November 20, 1981 | $43.9 million | $31.6 million | First FSB | |
| First FS&LA of Puerto Rico (assistance) | Santurce | PR | November 20, 1981 | First FSB |
All bank failures in 1990 · All bank failures in West Virginia · Every failed bank First FSB 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.