CenTrust Bank, A State Savings Bank was an American savings and loan association based in Miami, Florida that failed in 1990. Its failure in 1990 was one of the largest and costliest failures of the savings and loan crisis.
Background and downfall
Dade Savings & Loan Association opened in 1934. In 1983, the failing thrift, with 32 branches and $2.2 billion in assets, was acquired by real estate developer David L. Paul for $32 million[1][2] and the following year was renamed CenTrust Savings & Loan Association.[3] It grew rapidly to become the largest thrift in the southeastern United States, with over $9 billion in assets at its peak in 1989.
The bank was placed into government conservatorship in February 1990,[4] with Great Western Bank acquiring the bank's assets in June 1990.[5]