Data / Bank failures / 1989 / Peoples Savings Assoc.
Peoples Savings Assoc., ST. Joseph, MI: failed March 9, 1989
Peoples Savings Assoc. in ST. Joseph, Michigan, failed on March 9, 1989. Peoples SB of ST. Joseph, MI, took over its deposits. It held $107.3 million in assets and $109.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $4,851 (0% of its assets). By assets it was the 211th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 9, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Peoples SB, ST. Joseph, MI
- Total assets
- $107,314,000
- Total deposits
- $109,426,000
- Estimated cost to the FDIC
- $4,851 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 27812
Other bank failures in Michigan, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First FS & La | Pontiac | October 16, 1991 | $917 million | $558.6 million | $34.3 million | |
| Ludington FSB | Ludington | May 17, 1991 | $34.2 million | $33.7 million | $806,591 | Northwestern SB&T |
| New Guaranty Fed. S & L Assoc. | Taylor | July 27, 1989 | $212.5 million | $192.5 million | $7.9 million | National Bank of Detroit |
| Bloomfield S&LA (assistance) | Birmingham | December 16, 1988 | $688.7 million | $607.4 million | $119.6 million | First Nationwide Bank A FSB |
| First Dearborn (assistance) | Dearborn | December 16, 1988 | $167.3 million | $230.5 million | $78.7 million | First Nationwide Bank A FSB |
| Muskegon FS&LA (assistance) | Muskegon | June 2, 1988 | $204.6 million | $196 million | $2 million | Muskegon FS&LA |
| The First State Bank | White Cloud | February 12, 1988 | $36.4 million | $37.4 million | $10.5 million | Peoples STB of ST Joseph |
All bank failures in 1989 · All bank failures in Michigan · 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.