Data / Bank failures / 1990 / First Standard Fed. Savings Assoc.
First Standard Fed. Savings Assoc., Fairmont, WV: failed February 23, 1990
First Standard Fed. Savings Assoc. in Fairmont, West Virginia, failed on February 23, 1990. Community B&T, NA of Fairmont, WV, took over its deposits. It held $77.6 million in assets and $75.6 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3,727 (0% of its assets). By assets it was the 174th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- February 23, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Community B&T, NA, Fairmont, WV
- Total assets
- $77,577,000
- Total deposits
- $75,603,000
- Estimated cost to the FDIC
- $3,727 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 30510
Other bank failures in West Virginia, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Shenandoah Fsa | Martinsburg | May 8, 1992 | $94.2 million | $69 million | $5.1 million | Blue Ridge Bank |
| Evergreen FS & La | Charleston | September 13, 1991 | $40.3 million | $35 million | $3.6 million | Merchants NB of Montgomery |
| The Blueville Bank of Grafton | Grafton | April 5, 1991 | $48.1 million | $46.9 million | $3.8 million | The Empire National Bank of |
| First Federal Sav. Assoc./bluefield | Bluefield | February 23, 1990 | $39.3 million | $33.2 million | $2.6 million | First FSB |
| Lewis County Savings and Loan Co | Weston | May 12, 1989 | $4 million | $3.9 million | $405,429 | Community Bank & Trust, Nat |
| Mountain State FS&LA (assistance) | Clarksburg | February 10, 1988 | $91.4 million | $100.5 million | $21.7 million | Traders FS&LA |
| Magnet Bank FSB (assistance) | Charleston | February 10, 1988 | $547.1 million | $418.8 million | $115.9 million | Traders FS&LA |
| Traders FS&LA (assistance) | Parkersburg | February 10, 1988 | $68.5 million | $73.1 million | $18.9 million | Atlantic Financial Federal |
All bank failures in 1990 · All bank failures in West Virginia · 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.