Data / Bank failures / 1991 / First FS & La
First FS & La, Pontiac, MI: failed October 16, 1991
First FS & La in Pontiac, Michigan, failed on October 16, 1991. It held $917 million in assets and $558.6 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $34.3 million (3.7% of its assets). By assets it was the 36th largest of 271 banks closed or assisted in 1991.
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
- October 16, 1991
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- None, NA
- Total assets
- $916,980,000
- Total deposits
- $558,620,000
- Estimated cost to the FDIC
- $34,306,671 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 29342
Other bank failures in Michigan, 1989 to 1993
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Ludington FSB | Ludington | May 17, 1991 | $34.2 million | $33.7 million | $806,591 | Northwestern SB&T |
| New Guaranty Fed. S & L Assoc. | Taylor | July 27, 1989 | $212.5 million | $192.5 million | $7.9 million | National Bank of Detroit |
| Peoples Savings Assoc. | ST. Joseph | March 9, 1989 | $107.3 million | $109.4 million | $4,851 | Peoples SB |
All bank failures in 1991 · All bank failures in Michigan · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. 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.