Data / Bank failures / 1989 / Seasons Federal Savings Bank
Seasons Federal Savings Bank, Richmond, VA: failed October 19, 1989
Seasons Federal Savings Bank in Richmond, Virginia, failed on October 19, 1989. Crestar Bank of Richmond, VA, took over its deposits. It held $260.8 million in assets and $213.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $49.4 million (18.9% of its assets). By assets it was the 109th largest of 534 banks closed or assisted in 1989.
SpecStream is the live web data engine for teams and agents. It reads the FDIC failed bank data every morning, and this page is that reading. Ask for the banks you follow and each new closure arrives in your sheet, CRM, Slack or agent as the FDIC announces it.
The FDIC's record
- Closed
- October 19, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Crestar Bank, Richmond, VA
- Total assets
- $260,796,000
- Total deposits
- $213,711,000
- Estimated cost to the FDIC
- $49,380,674 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 31682
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 Crestar Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Peidmont Fsa | Manassas | VA | October 9, 1992 | $444.6 million | $370.1 million | $75.6 million | Crestar Bank |
| Perpetual Savings Bank | Vienna | VA | January 10, 1992 | $2.89 billion | $2.45 billion | $453.7 million | Crestar Bank |
| United FSB | Vienna | VA | July 31, 1990 | $415.6 million | $352.7 million | $134.5 million | Crestar Bank |
| Security FS & La | Richmond | VA | March 2, 1990 | $341.6 million | $237.5 million | $24 million | Crestar Bank |
All bank failures in 1989 · All bank failures in Virginia · Every failed bank Crestar Bank 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.