Data / Bank failures / 1989 / Western Savings & Loan
Western Savings & Loan, Phoenix, AZ: failed June 14, 1989
Western Savings & Loan in Phoenix, Arizona, failed on June 14, 1989. Bank of America, Az of Phoenix, AZ, took over its deposits. It held $5.65 billion in assets and $4.13 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.08 billion (36.7% of its assets). By assets it was the 4th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- June 14, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Bank of America, Az, Phoenix, AZ
- Total assets
- $5,654,683,000
- Total deposits
- $4,130,994,000
- Estimated cost to the FDIC
- $2,076,644,346 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 28597
Other bank failures in Arizona, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First American FSB | Tucson | August 16, 1991 | $145 million | $130.3 million | $11.2 million | State SB, FSB |
| Arizona Commerce Bank | Tucson | April 12, 1991 | $80.8 million | $79.8 million | $7.3 million | Arizona Bank of Commerce |
| Farmers and Merchants Bank | Buckeye | June 18, 1990 | $24 million | $22.4 million | $5.8 million | The Stockmen's Bank |
| Guardian Bank | Scottsdale | April 26, 1990 | $25.9 million | $27 million | $8.4 million | Citibank (arizona) |
| Central Arizona Bank | Chandler | April 26, 1990 | $6.6 million | $7.1 million | $1 million | Security Pacific Bank Arizo |
| Independent National Bank | Phoenix | March 15, 1990 | $12.4 million | $13.5 million | $3.2 million | Citibank(arizona) |
| Pima S & La | Tucson | March 2, 1990 | $2.73 billion | $2.13 billion | $160.5 million | Bank of America, Az |
| Gateway National Bank | Phoenix | February 15, 1990 | $8.6 million | $8.2 million | $5.9 million | Citibank (arizona) |
Other failed banks Bank of America, Az took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Pima S & La | Tucson | AZ | March 2, 1990 | $2.73 billion | $2.13 billion | $160.5 million | Bank of America, Az |
| Sun State Savings & Loan | Phoenix | AZ | June 14, 1989 | $1.05 billion | $892.9 million | $443.6 million | Bank of America, Az |
All bank failures in 1989 · All bank failures in Arizona · Every failed bank Bank of America, Az 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.