Data / Bank failures / 1989 / Silver Savings Assoc.
Silver Savings Assoc., Silver City, NM: failed December 21, 1989
Silver Savings Assoc. in Silver City, New Mexico, failed on December 21, 1989. First New Mexico Bank of Deming, NM, took over its deposits. It held $32.2 million in assets and $27.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $7.3 million (22.6% of its assets). By assets it was the 385th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- December 21, 1989
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- First New Mexico Bank, Deming, NM
- Total assets
- $32,209,000
- Total deposits
- $27,723,000
- Estimated cost to the FDIC
- $7,264,963 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 31911
Other bank failures in New Mexico, 1987 to 1991
| 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 | |
| Security Federal Savings Bank | Carlsbad | May 4, 1990 | $26.9 million | $34.2 million | $15.5 million | Western Commerce Bank |
| The Red River Bank | Red River | February 23, 1990 | $6.5 million | $6.6 million | $2.1 million | Centinel Bank of Taos |
All bank failures in 1989 · All bank failures in New Mexico · 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.