Data / Bank failures / 1989 / First Savings Bank of Alabama
First Savings Bank of Alabama, Hamilton, AL: failed March 9, 1989
First Savings Bank of Alabama in Hamilton, Alabama, failed on March 9, 1989. Southtrust Bank of Marion C of Hamilton, AL, took over its deposits. It held $26 million in assets and $24 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $1.9 million (7.5% of its assets). By assets it was the 415th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 9, 1989
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Southtrust Bank of Marion C, Hamilton, AL
- Total assets
- $26,035,000
- Total deposits
- $24,016,000
- Estimated cost to the FDIC
- $1,940,587 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 31342
Other bank failures in Alabama, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Altus FSB | Mobile | May 17, 1991 | $1.97 billion | $1.15 billion | $71.2 million | |
| Jefferson Federal Sa | Birmingham | March 8, 1991 | $666.5 million | $488.7 million | $17.5 million | |
| First FS & La of Andalusia | Andalusia | December 28, 1990 | $38.7 million | $37.7 million | $6.3 million | Colonial Bank |
| Tuskegee S & La | Tuskegee | November 30, 1990 | $31.8 million | $28.5 million | $15.3 million | First Tuskegee Bank |
| City FS & La | Birmingham | March 30, 1989 | $712 million | $648.2 million | $53.3 million | First Alabama Bank |
| Baldwin County Fed. Savings Bank | Robertsdale | March 30, 1989 | $171.5 million | $156.8 million | $7.3 million | First Alabama Bank |
| Phenix Fed. S & L Assoc. | Phenix City | March 9, 1989 | $150.3 million | $194.8 million | $69.9 million | |
| Guaranty Fed. S & L Assoc. | Birmingham | February 17, 1989 | $381.3 million | $398.6 million | $55.9 million | Southtrust Affliated Banks |
All bank failures in 1989 · All bank failures in Alabama · 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.