Data / Bank failures / 1988 / Virginia FS&LA
Virginia FS&LA, Richmond, VA: received FDIC assistance December 23, 1988
Virginia FS&LA in Richmond, Virginia, received open bank assistance from the FDIC on December 23, 1988. It held $678.9 million in assets and $517 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $13.5 million (2% of its assets). By assets it was the 33rd largest of 470 banks closed or assisted in 1988.
SpecStream is the live web data engine for teams and agents. It reads the FDIC failed bank data every morning, and this page is that reading. Ask for the banks you follow and each new closure arrives in your sheet, CRM, Slack or agent as the FDIC announces it.
The FDIC's record
- Closed
- December 23, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Virginia FSB, Richmond, VA
- Total assets
- $678,944,000
- Total deposits
- $517,043,000
- Estimated cost to the FDIC
- $13,500,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 29447
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 2026-10-23. 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.