Data / Bank failures / 1989 / Heritage FS & La
Heritage FS & La, Monroe, NC: failed March 30, 1989
Heritage FS & La in Monroe, North Carolina, failed on March 30, 1989. First Citizens B&TC of Raleigh, NC, took over its deposits. It held $311.7 million in assets and $254.1 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $49.2 million (15.8% of its assets). By assets it was the 92nd largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 30, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Citizens B&TC, Raleigh, NC
- Total assets
- $311,668,000
- Total deposits
- $254,102,000
- Estimated cost to the FDIC
- $49,165,084 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 30613
Other bank failures in North Carolina, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| 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 |
| First Federal Savings | Raleigh | December 7, 1990 | $520.4 million | $427.5 million | $55.7 million | |
| 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 |
Other failed banks First Citizens B&TC took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Surety FS & La | Morganton | NC | July 9, 1991 | $224.8 million | $163.4 million | $1.8 million | First Citizens B&TC |
| North Carolina FS & La | Charlotte | NC | March 2, 1990 | $628.1 million | $455 million | $41.8 million | First Citizens B&TC |
All bank failures in 1989 · All bank failures in North Carolina · Every failed bank First Citizens B&TC took over · 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.