Data / Bank failures / 1990 / First Federal Savings
First Federal Savings, Raleigh, NC: failed December 7, 1990
First Federal Savings in Raleigh, North Carolina, failed on December 7, 1990. It held $520.4 million in assets and $427.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $55.7 million (10.7% of its assets). By assets it was the 47th largest of 382 banks closed or assisted in 1990.
SpecStream is the live web data engine for teams and agents. It reads the FDIC failed bank data every morning, and this page is that reading. Ask for the banks you follow and each new closure arrives in your sheet, CRM, Slack or agent as the FDIC announces it.
The FDIC's record
- Closed
- December 7, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption of the insured deposits only
- Acquirer
- None, NA
- Total assets
- $520,377,000
- Total deposits
- $427,460,000
- Estimated cost to the FDIC
- $55,713,240 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 29958
Other bank failures in North Carolina, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First American FSB | Greensboro | June 5, 1992 | $804.3 million | $639.1 million | $35.4 million | Centura Bank |
| First Hanover Bank | Wilmington | October 25, 1991 | $48.2 million | $46.5 million | $5.7 million | Central Carolina Bank and T |
| Surety FS & La | Morganton | July 9, 1991 | $224.8 million | $163.4 million | $1.8 million | First Citizens B&TC |
| Preffered Savings and Loan | High Point | March 8, 1991 | $224.5 million | $174.8 million | $19.2 million | Southern NB of NC |
| Southeastern Savings Bank | Charlotte | November 16, 1990 | $422.3 million | $367.6 million | $23.6 million | |
| Guaranty Savings Bank FSB | Fayetteville | July 27, 1990 | $53.9 million | $49.9 million | $8.5 million | |
| North Carolina FS & La | Charlotte | March 2, 1990 | $628.1 million | $455 million | $41.8 million | First Citizens B&TC |
| Great Atlantic Savings Bank | Manteo | March 30, 1989 | $126.8 million | $123.8 million | $48.3 million | NCNB NB of NC |
All bank failures in 1990 · All bank failures in North Carolina · 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.