Bank failure · NM

Security Federal Savings Bank (Carlsbad, NM) — failed May 4, 1990

Security Federal Savings Bank of Carlsbad, New Mexico was closed on May 4, 1990 and resolved through a insured deposit transfer. Western Commerce Bank (NM) took over its insured deposits. At failure it held $26.9M in assets and $34.2M in deposits. The FDIC's estimated loss on the failure is $15.5M (57.6% of assets).