Data / Bank failures / 1989 / Security Federal Savings, FSB
Security Federal Savings, FSB, Columbia, SC: failed November 30, 1989
Security Federal Savings, FSB in Columbia, South Carolina, failed on November 30, 1989. South Carolina NB of Columbia, SC, took over its deposits. It held $759.2 million in assets and $667.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $66.8 million (8.8% of its assets). By assets it was the 45th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- November 30, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- South Carolina NB, Columbia, SC
- Total assets
- $759,158,000
- Total deposits
- $667,256,000
- Estimated cost to the FDIC
- $66,756,960 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 29060
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 |
| Seabank Fed. Savings Bank | Myrtle Beach | April 27, 1989 | $35.4 million | $33.6 million | $5.3 million | First Citizens B&TC of SC |
All bank failures in 1989 · All bank failures in South Carolina · 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.