Data / Bank failures / 1989 / The Garnett S & L Assoc.
The Garnett S & L Assoc., Garnett, KS: failed December 7, 1989
The Garnett S & L Assoc. in Garnett, Kansas, failed on December 7, 1989. Farmers State Bank of Blue Mound, KS, took over its deposits. It held $13.6 million in assets and $14.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $794,302 (5.8% of its assets). By assets it was the 477th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- December 7, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Farmers State Bank, Blue Mound, KS
- Total assets
- $13,628,000
- Total deposits
- $14,523,000
- Estimated cost to the FDIC
- $794,302 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 29516
Other bank failures in Kansas, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| The Douglass Bank (assistance) | Kansas City | December 4, 1991 | $31.9 million | $30.2 million | $880,547 | The Douglass Bank |
| The Bank of Horton | Horton | June 13, 1991 | $167.3 million | $170.5 million | $4.3 million | Kansas State Bank |
| First Fsa of Newton | Newton | May 10, 1991 | $125.6 million | $105.8 million | $1.5 million | Central Nb-Newton |
| First FS & La of Pittsburg | Pittsburg | May 3, 1991 | $290.9 million | $143.5 million | $4,726 | Farm & Home Sa |
| The Bazine State Bank | Bazine | April 12, 1990 | $16.9 million | $16.5 million | $2 million | Farmers Bank & Trust, Natio |
| Hiawatha Savings & Loan | Hiawatha | March 9, 1990 | $49.2 million | $54.1 million | $38.4 million | Morrill & Janes B&TC |
| Franklin Fsa | Ottawa | February 16, 1990 | $9.26 billion | $4.64 billion | $38.2 million | |
| Colonial Federal Savings Assoc. | Prairie Village | January 18, 1990 | $136.4 million | $102.4 million | $16.6 million | First Colonial Bank NA |
Other failed banks Farmers State Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| The First National Bank of Worth | Wortham | TX | February 14, 1991 | $7.3 million | $7.7 million | $2.1 million | Farmers State Bank |
| The Falun State Bank (assistance) | Falun | KS | December 29, 1987 | $3.1 million | $3.1 million | $50,000 | Farmers State Bank |
| Bank of Panama | Panama | NE | December 19, 1985 | $4.4 million | $4.3 million | $1.4 million | Farmers State Bank |
| The Bank of Red Oak | Red Oak | OK | December 16, 1983 | $11.1 million | $10.5 million | $2.8 million | Farmers State Bank |
All bank failures in 1989 · All bank failures in Kansas · Every failed bank Farmers State Bank 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.