Data / Bank failures / 2009 / New South Federal Savings Bank
New South Federal Savings Bank, Irondale, AL: failed December 18, 2009
New South Federal Savings Bank in Irondale, Alabama, failed on December 18, 2009. Beal Bank of Plano, TX, took over its deposits. It held $1.46 billion in assets and $1.16 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $311.6 million (21.3% of its assets). By assets it was the 30th largest of 148 banks closed or assisted in 2009.
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The FDIC's record
- Closed
- December 18, 2009
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Beal Bank, Plano, TX
- Total assets
- $1,464,127,000
- Total deposits
- $1,163,916,000
- Estimated cost to the FDIC
- $311,640,913 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- DIF
- FDIC certificate
- 32276
Other bank failures in Alabama, 2007 to 2011
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Nexity Bank | Birmingham | April 15, 2011 | $757.6 million | $611.7 million | $182 million | Alostar Bank of Commerce |
| Superior Bank | Birmingham | April 15, 2011 | $2.98 billion | $2.74 billion | $281.2 million | Superior Bank, N.A. |
| First Lowndes Bank | Fort Deposit | March 19, 2010 | $137.2 million | $131.1 million | $11.7 million | First Citizens Bank |
| Capitalsouth Bank | Birmingham | August 21, 2009 | $586.6 million | $539.4 million | $126.3 million | Iberiabank |
| Colonial Bank | Montgomery | August 14, 2009 | $25.46 billion | $20.07 billion | $2.37 billion | BB&T |
All bank failures in 2009 · 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.