Data / Bank failures / 1987 / First Southern Sa
First Southern Sa, Pascagoula, MS: failed March 20, 1987
First Southern Sa in Pascagoula, Mississippi, failed on March 20, 1987. It held $47.1 million in assets and $57.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $14.7 million (31.2% of its assets). By assets it was the 85th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- March 20, 1987
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Total assets
- $47,063,000
- Total deposits
- $57,202,000
- Estimated cost to the FDIC
- $14,707,100 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 31893
Other bank failures in Mississippi, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Unifirst Bank for Savings | Jackson | August 10, 1989 | $738.3 million | $606.8 million | $59.1 million | |
| Fidelity FSB | Corinth | April 6, 1989 | $116.4 million | $135.3 million | $96.6 million | Southbank, A FSB |
| Delta FS & La | Drew | April 6, 1989 | $10.3 million | $13.8 million | $8.5 million | Delta Bank & Trust |
| Central S & L Assoc. | Jackson | April 6, 1989 | $52.1 million | $72.9 million | $41 million | Bank of Forest |
| Republic Bank for Savings | Jackson | April 6, 1989 | $43.4 million | $85.2 million | $73.6 million | Southbank, A FSB |
| State Mutual Fed. S & L Assoc. | Jackson | April 6, 1989 | $8.7 million | $9.8 million | $4 million | First Commerce SB |
| First FS&LA in New Albany | New Albany | January 27, 1989 | $20.8 million | $17.5 million | $4.9 million | |
| The Bank of North Mississippi | Oakland | April 22, 1987 | $14.5 million | $13.8 million | $2.7 million | Bank of Mississippi |
All bank failures in 1987 · All bank failures in Mississippi · 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.