Bank failure · NC

First Federal Savings (Raleigh, NC) — failed December 7, 1990

First Federal Savings of Raleigh, North Carolina was closed on December 7, 1990 and resolved through a purchase and assumption (insured deposits). Branch Sale (NA) took over its insured deposits. At failure it held $520.4M in assets and $427.5M in deposits. The FDIC's estimated loss on the failure is $55.7M (10.7% of assets).