Data / Bank failures / 1989 / Southwest S & La
Southwest S & La, Phoenix, AZ: failed February 17, 1989
Southwest S & La in Phoenix, Arizona, failed on February 17, 1989. Security Pacific Bank Az of Phoenix, AZ, took over its deposits. It held $2.27 billion in assets and $1.76 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $723.2 million (31.9% of its assets). By assets it was the 14th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- February 17, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Security Pacific Bank Az, Phoenix, AZ
- Total assets
- $2,265,334,000
- Total deposits
- $1,755,845,000
- Estimated cost to the FDIC
- $723,169,766 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 30608
Other bank failures in Arizona, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First American FSB | Tucson | August 16, 1991 | $145 million | $130.3 million | $11.2 million | State SB, FSB |
| Arizona Commerce Bank | Tucson | April 12, 1991 | $80.8 million | $79.8 million | $7.3 million | Arizona Bank of Commerce |
| Farmers and Merchants Bank | Buckeye | June 18, 1990 | $24 million | $22.4 million | $5.8 million | The Stockmen's Bank |
| Guardian Bank | Scottsdale | April 26, 1990 | $25.9 million | $27 million | $8.4 million | Citibank (arizona) |
| Central Arizona Bank | Chandler | April 26, 1990 | $6.6 million | $7.1 million | $1 million | Security Pacific Bank Arizo |
| Independent National Bank | Phoenix | March 15, 1990 | $12.4 million | $13.5 million | $3.2 million | Citibank(arizona) |
| Pima S & La | Tucson | March 2, 1990 | $2.73 billion | $2.13 billion | $160.5 million | Bank of America, Az |
| Gateway National Bank | Phoenix | February 15, 1990 | $8.6 million | $8.2 million | $5.9 million | Citibank (arizona) |
All bank failures in 1989 · All bank failures in Arizona · 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.