Data / Bank failures / 1990 / Security Federal Savings Bank
Security Federal Savings Bank, Carlsbad, NM: failed May 4, 1990
Security Federal Savings Bank in Carlsbad, New Mexico, failed on May 4, 1990. Western Commerce Bank of Carlsbad, NM, took over its deposits. It held $26.9 million in assets and $34.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $15.5 million (57.6% of its assets). By assets it was the 287th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- May 4, 1990
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Western Commerce Bank, Carlsbad, NM
- Total assets
- $26,863,000
- Total deposits
- $34,154,000
- Estimated cost to the FDIC
- $15,479,269 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 31433
Other bank failures in New Mexico, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Liberty National Bank | Lovington | May 23, 1991 | $51.4 million | $51.6 million | $3.9 million | Western Commerce Bank |
| Security FS & La of Albuquerque | Albuquerque | May 3, 1991 | $261.7 million | $193.4 million | $29.4 million | |
| Southwest National Bank | Albuquerque | February 21, 1991 | $37.2 million | $36.5 million | $4.7 million | The Bank of New Mexico, SPR |
| American Bank, National Association | Rio Rancho | January 22, 1991 | $20.7 million | $23.3 million | $10.9 million | United New Mexico Bank at A |
| First Federal Savings Assoc. | Las Vegas | November 16, 1990 | $55.4 million | $41.4 million | $14.4 million | Bank of NM, & Las Vegas |
| First American Savings Bank, FSB | Santa Fe | August 31, 1990 | $123.6 million | $108.9 million | $57.4 million | |
| The Red River Bank | Red River | February 23, 1990 | $6.5 million | $6.6 million | $2.1 million | Centinel Bank of Taos |
| The Bank of Ruidoso | Ruidoso | February 23, 1990 | $27.8 million | $26.5 million | $12.7 million | United New Mexico Bank at A |
Other failed banks Western Commerce Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Liberty National Bank | Lovington | NM | May 23, 1991 | $51.4 million | $51.6 million | $3.9 million | Western Commerce Bank |
All bank failures in 1990 · All bank failures in New Mexico · Every failed bank Western Commerce 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.