Data / Bank failures / 1991 / Surety FS & La
Surety FS & La, Morganton, NC: failed July 9, 1991
Surety FS & La in Morganton, North Carolina, failed on July 9, 1991. First Citizens B&TC of Raleigh, NC, took over its deposits. It held $224.8 million in assets and $163.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $1.8 million (0.8% of its assets). By assets it was the 83rd largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- July 9, 1991
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Citizens B&TC, Raleigh, NC
- Total assets
- $224,820,000
- Total deposits
- $163,447,000
- Estimated cost to the FDIC
- $1,830,367 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 32566
Other bank failures in North Carolina, 1989 to 1993
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Crown National Bank | Charlotte | May 20, 1993 | $26.3 million | $24.8 million | $1.7 million | Lincoln Bank of NC |
| First American FSB | Greensboro | June 5, 1992 | $804.3 million | $639.1 million | $35.4 million | Centura Bank |
| First Hanover Bank | Wilmington | October 25, 1991 | $48.2 million | $46.5 million | $5.7 million | Central Carolina Bank and T |
| Preffered Savings and Loan | High Point | March 8, 1991 | $224.5 million | $174.8 million | $19.2 million | Southern NB of NC |
| First Federal Savings | Raleigh | December 7, 1990 | $520.4 million | $427.5 million | $55.7 million | |
| Southeastern Savings Bank | Charlotte | November 16, 1990 | $422.3 million | $367.6 million | $23.6 million | |
| Guaranty Savings Bank FSB | Fayetteville | July 27, 1990 | $53.9 million | $49.9 million | $8.5 million | |
| North Carolina FS & La | Charlotte | March 2, 1990 | $628.1 million | $455 million | $41.8 million | First Citizens B&TC |
Other failed banks First Citizens B&TC took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| North Carolina FS & La | Charlotte | NC | March 2, 1990 | $628.1 million | $455 million | $41.8 million | First Citizens B&TC |
| Heritage FS & La | Monroe | NC | March 30, 1989 | $311.7 million | $254.1 million | $49.2 million | First Citizens B&TC |
All bank failures in 1991 · All bank failures in North Carolina · Every failed bank First Citizens B&TC 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.