Data / Bank failures / 1988 / Ultimate Savings Bank
Ultimate Savings Bank, Richmond, VA: failed September 16, 1988
Ultimate Savings Bank in Richmond, Virginia, failed on September 16, 1988. It held $206.5 million in assets and $194.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $34.9 million (16.9% of its assets). By assets it was the 106th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- September 16, 1988
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Total assets
- $206,490,000
- Total deposits
- $194,303,000
- Estimated cost to the FDIC
- $34,874,060 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 32072
Other bank failures in Virginia, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Heritage Savings Bank, FSB | Richmond | October 19, 1990 | $888.8 million | $726.2 million | $124.2 million | CRFC Interim SB (crestar Ba |
| United FSB | Vienna | July 31, 1990 | $415.6 million | $352.7 million | $134.5 million | Crestar Bank |
| Security FS & La | Richmond | March 2, 1990 | $341.6 million | $237.5 million | $24 million | Crestar Bank |
| Atlantic Permanent Federal | Norfolk | December 8, 1989 | $581 million | $370.6 million | $79.9 million | |
| Atlantic National Bank | Norfolk | December 7, 1989 | $14.4 million | $13.7 million | $626,535 | New Atlantic Bank, National |
| Seasons Federal Savings Bank | Richmond | October 19, 1989 | $260.8 million | $213.7 million | $49.4 million | Crestar Bank |
| Peoples S & L Assoc. | Hampton | June 29, 1989 | $23.9 million | $24.3 million | $1.4 million | Consolidated B&TC |
| Community Fed. S & L Assoc. | Newport News | March 30, 1989 | $9.4 million | $10 million | $1.3 million | Consolidated B&TC |
All bank failures in 1988 · All bank failures in Virginia · 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.