Bank failure · AZ
Southwest S & LA (Phoenix, AZ) — failed February 17, 1989
Southwest S & LA of Phoenix, Arizona was closed on February 17, 1989 and resolved through a purchase and assumption. Security Pacific Bank Az (AZ) took over its insured deposits. At failure it held $2.3B in assets and $1.8B in deposits. The FDIC's estimated loss on the failure is $723.2M (31.9% of assets).
- Closing date
- February 17, 1989
- FDIC certificate #
- 30608
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Security Pacific Bank Az
- Insurance fund
- RTC
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