Data / Bank failures / 1989 / State Mutual Fed. S & L Assoc.
State Mutual Fed. S & L Assoc., Jackson, MS: failed April 6, 1989
State Mutual Fed. S & L Assoc. in Jackson, Mississippi, failed on April 6, 1989. First Commerce SB of Jackson, MS, took over its deposits. It held $8.7 million in assets and $9.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $4 million (46.3% of its assets). By assets it was the 511th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- April 6, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Commerce SB, Jackson, MS
- Total assets
- $8,656,000
- Total deposits
- $9,772,000
- Estimated cost to the FDIC
- $4,005,746 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 31252
Other bank failures in Mississippi, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Mercantile Savings Bank | Southaven | April 19, 1991 | $33.8 million | $34 million | $9.1 million | First TN Bank NA, MS |
| Peoples Federal Savings Bank | Bay ST. Louis | February 8, 1991 | $59.7 million | $53.9 million | $2.1 million | Hancock Bank |
| First City FSB | Lucedale | September 7, 1990 | $41.7 million | $38 million | $9 million | Magnolia FB for Savings |
| Charter Bank, A FSB | Hattiesburg | July 20, 1990 | $130.8 million | $68.9 million | $22.6 million | |
| First Jackson FSB | Jackson | June 29, 1990 | $116.5 million | $91.4 million | $22 million | Trustmark NB |
| Southern Federal Bank for Savings | Gulfport | June 22, 1990 | $142.8 million | $93.9 million | $35 million | |
| Mississippi Savings Bank, FSB | Batesville | May 8, 1990 | $172.3 million | $148.7 million | $16.3 million | |
| Southeastern Federal Savings Bank | Laurel | April 20, 1990 | $49.8 million | $38.4 million | $8.9 million | Citizens NB of Meridian |
All bank failures in 1989 · All bank failures in Mississippi · 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.