Bank failure · AL
New South Federal Savings Bank (Irondale, AL) — failed December 18, 2009
New South Federal Savings Bank of Irondale, Alabama was closed on December 18, 2009 and resolved through a purchase and assumption. Beal Bank (TX) took over its insured deposits. At failure it held $1.5B in assets and $1.2B in deposits. The FDIC's estimated loss on the failure is $311.6M (21.3% of assets).
- Closing date
- December 18, 2009
- FDIC certificate #
- 32276
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Beal Bank
- Insurance fund
- DIF
- Pre-failure filings
- Last reported financials
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