Data / Bank failures / 1990 / Security FS & La
Security FS & La, Richmond, VA: failed March 2, 1990
Security FS & La in Richmond, Virginia, failed on March 2, 1990. Crestar Bank of Richmond, VA, took over its deposits. It held $341.6 million in assets and $237.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $24 million (7% of its assets). By assets it was the 65th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- March 2, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Crestar Bank, Richmond, VA
- Total assets
- $341,553,000
- Total deposits
- $237,490,000
- Estimated cost to the FDIC
- $24,020,444 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 30752
Other bank failures in Virginia, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Sailors & Merchants B&T Co. | Vienna | December 11, 1992 | $34.8 million | $34.5 million | $5 million | First Union Bank of Virg |
| Peidmont Fsa | Manassas | October 9, 1992 | $444.6 million | $370.1 million | $75.6 million | Crestar Bank |
| The Washington Bank | Fairfax County | September 18, 1992 | $28.1 million | $27.9 million | $5.1 million | George Mason Bank |
| Liberty FSB | Warrenton | July 17, 1992 | $92 million | $86.9 million | $12.3 million | Jefferson NB |
| Home FSB | Norfolk | July 10, 1992 | $224.2 million | $195.2 million | $42.8 million | Home SB, FSB |
| Federal Sa of Virginia | Falls Church | April 10, 1992 | $31.5 million | $29.6 million | $14.5 million | Fairfax B&TC |
| Commonwealth FSB | Manassas | April 3, 1992 | $72.5 million | $64.8 million | $16.4 million | Fairfax B&TC |
| Vista Fsa | Reston | February 28, 1992 | $113.2 million | $108.7 million | $36.9 million | Eastern American Bank, FSB |
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 |
| Seasons Federal Savings Bank | Richmond | VA | October 19, 1989 | $260.8 million | $213.7 million | $49.4 million | Crestar Bank |
All bank failures in 1990 · 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 2026-10-24. 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.