Data / Bank failures / 1989 / Seabank Fed. Savings Bank
Seabank Fed. Savings Bank, Myrtle Beach, SC: failed April 27, 1989
Seabank Fed. Savings Bank in Myrtle Beach, South Carolina, failed on April 27, 1989. First Citizens B&TC of SC of Columbia, SC, took over its deposits. It held $35.4 million in assets and $33.6 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $5.3 million (15% of its assets). By assets it was the 366th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- April 27, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Citizens B&TC of SC, Columbia, SC
- Total assets
- $35,353,000
- Total deposits
- $33,632,000
- Estimated cost to the FDIC
- $5,305,881 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 32231
Other bank failures in South Carolina, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Hilton Head Bank & Trust Company | Hilton Head Island | August 30, 1991 | $64.6 million | $63 million | $20.9 million | The Anchor Bank |
| Standard FS & La | Columbia | August 2, 1991 | $319.7 million | $280.7 million | $2.7 million | NB of South Carolina |
| Security Federal Savings, FSB | Columbia | November 30, 1989 | $759.2 million | $667.3 million | $66.8 million | South Carolina NB |
Other failed banks First Citizens B&TC of SC took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Cooper River, Fsa | North Charleston | SC | June 5, 1992 | $228.9 million | $201.4 million | $10.7 million | First Citizens B&TC of SC |
All bank failures in 1989 · All bank failures in South Carolina · Every failed bank First Citizens B&TC of SC 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.