Data / Bank failures / 1990 / North Carolina FS & La
North Carolina FS & La, Charlotte, NC: failed March 2, 1990
North Carolina FS & La in Charlotte, North Carolina, failed on March 2, 1990. First Citizens B&TC of Raleigh, NC, took over its deposits. It held $628.1 million in assets and $455 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $41.8 million (6.7% of its assets). By assets it was the 41st largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- March 2, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Citizens B&TC, Raleigh, NC
- Total assets
- $628,098,000
- Total deposits
- $455,029,000
- Estimated cost to the FDIC
- $41,801,782 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 31744
Other bank failures in North Carolina, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First American FSB | Greensboro | June 5, 1992 | $804.3 million | $639.1 million | $35.4 million | Centura Bank |
| 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 | |
| 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 |
| Heritage FS & La | Monroe | NC | March 30, 1989 | $311.7 million | $254.1 million | $49.2 million | First Citizens B&TC |
All bank failures in 1990 · 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.