Data / Bank failures / 1989 / Peoples S & L Assoc.
Peoples S & L Assoc., Hampton, VA: failed June 29, 1989
Peoples S & L Assoc. in Hampton, Virginia, failed on June 29, 1989. Consolidated B&TC of Richmond, VA, took over its deposits. It held $23.9 million in assets and $24.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $1.4 million (5.8% of its assets). By assets it was the 422nd largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- June 29, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Consolidated B&TC, Richmond, VA
- Total assets
- $23,943,000
- Total deposits
- $24,322,000
- Estimated cost to the FDIC
- $1,381,020 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 28378
Other bank failures in Virginia, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Investors FSB | Richmond | December 13, 1991 | $2.06 billion | $1.43 billion | $470.7 million | Central Fidelity Bank |
| First Security Bank | Roanoke | May 24, 1991 | $15.9 million | $15 million | $4.5 million | First Century Bank |
| Madison National Bank of Virginia | McLean | May 10, 1991 | $174.2 million | $159.4 million | $18.2 million | Signet Bank - Virginia |
| Sentry Fsa | Norfolk | May 3, 1991 | $50.3 million | $47.2 million | $12.3 million | |
| Coreast FSB | Richmond | February 1, 1991 | $1.21 billion | $993.2 million | $210.8 million | |
| Trustbank FSB | Tysons Corner | January 25, 1991 | $1.82 billion | $1.51 billion | $172.8 million | |
| Heritage Savings Bank, FSB | Richmond | October 19, 1990 | $888.8 million | $726.2 million | $124.2 million | CRFC Interim SB (crestar Ba |
| United FSB | Vienna | July 31, 1990 | $415.6 million | $352.7 million | $134.5 million | Crestar Bank |
Other failed banks Consolidated B&TC took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Community Fed. S & L Assoc. | Newport News | VA | March 30, 1989 | $9.4 million | $10 million | $1.3 million | Consolidated B&TC |
All bank failures in 1989 · All bank failures in Virginia · Every failed bank Consolidated 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.