Closed Friday, August 9, 1991 · San Diego, San Diego County, California
Great American Bank, a Federal Savings Bank
By total assets Great American Bank, a Federal Savings Bank is the 21st-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. Its estimated cost to the Resolution Trust Corporation makes it the 29th-costliest failure on FDIC record since 1934. In 1991 regulators closed 21 banks in California; this was the 16th.
On the books, 1984 to 1991
Total assets peaked at $15.4 billion in the second quarter of 1990 and were 38% lower at the final report. Equity capital went from 6.5% of assets in the first quarter of 1984 to 0.9% at the last report. By then 14% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final eight reporting years. The deepest annual loss, $263 million, was booked in 1989.* 1991: January to June only, the last report before closing.
Size against the other 1991 failures
Total assets of each 1991 failure, log scale; Great American Bank, a Federal Savings Bank in red.
By assets it ranked fourth of the 268 failures in 1991. Within California it ranks ninth by size of the 239 failures recorded since 1934. In the size ranking of that year, just above it was Goldome of Buffalo, New York ($9.9 billion, loss 7.9% of assets); just below, The Connecticut Bank and Trust Company, National Association of Hartford, Connecticut ($7.2 billion, loss 2.1% of assets). Every 1991 failure in the explorer.
Regulators closed seven banks that day. The largest of the others was Citytrust of Bridgeport, Connecticut, at $1.9 billion.
Failures in California
The previous failure there was Atlantic Financial Savings Bank, FSB of San Francisco, on July 26, 1991. The next was Heartland Savings and Loan Association of La Mesa, on September 6, 1991. San Diego County has 20 failed banks on FDIC record since 1934. Closest in time: Imperial Savings Association (1990), Rancho Bernardo Savings Bank (1990), Landmark Thrift and Loan Association (1991), Heartland Savings and Loan Association (1991), HomeFed Bank, Federal Savings Bank (1992).