Data / Bank failures / 1990 / First Federal Savings Assoc.
First Federal Savings Assoc., Las Vegas, NM: failed November 16, 1990
First Federal Savings Assoc. in Las Vegas, New Mexico, failed on November 16, 1990. Bank of NM, & Las Vegas of Albuquerque, NM, took over its deposits. It held $55.4 million in assets and $41.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $14.4 million (26% of its assets). By assets it was the 205th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- November 16, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Bank of NM, & Las Vegas, Albuquerque, NM
- Total assets
- $55,433,000
- Total deposits
- $41,409,000
- Estimated cost to the FDIC
- $14,412,615 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 29207
Other bank failures in New Mexico, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Liberty National Bank | Lovington | May 23, 1991 | $51.4 million | $51.6 million | $3.9 million | Western Commerce Bank |
| Security FS & La of Albuquerque | Albuquerque | May 3, 1991 | $261.7 million | $193.4 million | $29.4 million | |
| Southwest National Bank | Albuquerque | February 21, 1991 | $37.2 million | $36.5 million | $4.7 million | The Bank of New Mexico, SPR |
| American Bank, National Association | Rio Rancho | January 22, 1991 | $20.7 million | $23.3 million | $10.9 million | United New Mexico Bank at A |
| First American Savings Bank, FSB | Santa Fe | August 31, 1990 | $123.6 million | $108.9 million | $57.4 million | |
| Security Federal Savings Bank | Carlsbad | May 4, 1990 | $26.9 million | $34.2 million | $15.5 million | Western Commerce Bank |
| The Red River Bank | Red River | February 23, 1990 | $6.5 million | $6.6 million | $2.1 million | Centinel Bank of Taos |
| The Bank of Ruidoso | Ruidoso | February 23, 1990 | $27.8 million | $26.5 million | $12.7 million | United New Mexico Bank at A |
All bank failures in 1990 · All bank failures in New Mexico · 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.