Failed Bank List

Closed Friday, May 18, 1990 · Dallas, Dallas County, Texas

Southwest Savings Association

By total assets Southwest Savings Association is the 38th-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. In the three years to the third quarter of 1988, its assets grew 726%. Equity capital was below zero at its last report.

On the books, 1984 to 1990

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$2B$4B$6B$8B19851986198719881989Closed
Total assets peaked at $6.9 billion and were 23% lower at the final report. Equity capital had covered 4.7% of assets in the first quarter of 1984. It reported a net loss in four of its final seven reporting years. The deepest annual loss, $161 million, was booked in 1989.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$200M−$200M1984: $3.8 million19841.8%1985: $4.3 million19851.8%1986: $4.6 million19861.6%1987: −$15.2 million19870.3%1988: −$107 million19883.4%1989: −$161 million1989neg.1990: −$18.2 million1990*neg.
* 1990: January to March only, the last report before closing.

Size against the other 1990 failures

Total assets of the 381 banks that failed in 1990, log scale$1M$10M$100M$1B$10B
Total assets of each 1990 failure, log scale; Southwest Savings Association in red.

By assets it ranked sixth of the 381 failures in 1990. Within Texas it ranks fifth by size of the 738 failures recorded since 1934. Ranked by estimated loss, it is 103rd of 2,944 failures since 1934. In the size ranking of that year, just above it was Merabank, A Federal Savings Bank of Phoenix, Arizona ($6.3 billion, loss 11% of assets); just below, Atlantic Financial Federal of Bala Cynwyd, Pennsylvania ($5.3 billion, loss 18% of assets). Every 1990 failure in the explorer.

Regulators closed six banks that day. The largest of the others was MerchantsBank of Boston, a Co-operative Bank of Boston, Massachusetts, at $392 million.

Failures in Texas

In 1990 regulators closed 140 banks in Texas; this was the 51st. The previous failure there was The First National Bank of Georgetown of Georgetown, on May 17, 1990. The next was Memorial Bank, National Association of Houston, on May 24, 1990. Dallas County has 76 failed banks on FDIC record since 1934. Closest in time: Trinity National Bank of Dallas (1990), Richardson National Bank (1990), Commonwealth National Bank of Dallas (1990), First National Bank of DeSoto (1990), Midway National Bank (1990).

Bank failures in Texas per year, 1980 to 20260601201802401982: 61983: 31984: 71985: 131986: 281987: 541988: 1201989: 2231990: 1401991: 411992: 291993: 101996: 21999: 12002: 12008: 22009: 52010: 12011: 12013: 22019: 12025: 119801990200020102020
Per year since 1980, 1990 in red. Every Texas failure

FDIC certificate 30592 · loss estimate as of July 31, 2026 · How to read this page