Bank failure · MS

First City FSB (Lucedale, MS) — failed September 7, 1990

First City FSB of Lucedale, Mississippi was closed on September 7, 1990 and resolved through a purchase and assumption. Magnolia Fb for Savings (MS) took over its insured deposits. At failure it held $41.7M in assets and $38.0M in deposits. The FDIC's estimated loss on the failure is $9.0M (21.6% of assets).