Data / Bank failures / 1989 / Sooner Federal Savings Assoc.
Sooner Federal Savings Assoc., Tulsa, OK: failed November 16, 1989
Sooner Federal Savings Assoc. in Tulsa, Oklahoma, failed on November 16, 1989. First Gibraltar Bank, FSB of San Antonio, TX, took over its deposits. It held $1.53 billion in assets and $1.15 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $152.8 million (10% of its assets). By assets it was the 24th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- November 16, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Gibraltar Bank, FSB, San Antonio, TX
- Total assets
- $1,529,913,000
- Total deposits
- $1,153,454,000
- Estimated cost to the FDIC
- $152,840,305 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 28649
Other bank failures in Oklahoma, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First National Bank and Trust Co | Blackwell | August 29, 1991 | $33.5 million | $33.8 million | $1.1 million | Central National Bank & Tru |
| Clinton S & La | Clinton | July 19, 1991 | $22.2 million | $21.6 million | $2.4 million | Local Federal Bank, FSB |
| Red River FS & La | Lawton | April 26, 1991 | $422.2 million | $378.3 million | $-441,552 | |
| Chisholm FS & La | Kingfisher | April 19, 1991 | $154.4 million | $147.1 million | $-385,660 | |
| Cimarron Federal Savings | Muskogee | April 19, 1991 | $782 million | $713.9 million | $2 | |
| American Federal Bank | Ada | March 22, 1991 | $110.2 million | $90.4 million | $44.6 million | Home FS&LA of Ada |
| First Fsa of Chickasha | Chickasha | March 22, 1991 | $161.4 million | $153.1 million | $4.3 million | |
| First Fsa of Wewoka | Wewoka | March 8, 1991 | $32.9 million | $27.9 million | $5.2 million | First State Bank |
Other failed banks First Gibraltar Bank, FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Plano S & L Assoc. | Plano | TX | September 21, 1989 | $274.4 million | $256.1 million | $137.6 million | First Gibraltar Bank, FSB |
| San Antonio Savings | San Antonio | TX | March 2, 1989 | $2.64 billion | $1.95 billion | $821.4 million | First Gibraltar Bank, FSB |
All bank failures in 1989 · All bank failures in Oklahoma · Every failed bank First Gibraltar Bank, FSB 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.