FDIC Open-Bank Assistance
Bowery Savings Bank
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Assistance provided October 1, 1985 · New York, NY · FDIC Cert #15919.
- Assistance date
- October 1, 1985
- Headquarters
- New York, NY
- FDIC Certificate
- 15919
- Total assets at the time
- $5.28B
- Total deposits at the time
- $5.00B
- Estimated loss to the insurance fund
- $334.5M
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Bowery Savings Bank
Context
On October 1, 1985, the FDIC provided open-bank assistance to Bowery Savings Bank, headquartered in New York, NY. The institution continued operating. At the time it held approximately $5.28B in assets and $5.00B in deposits. The assistance went to the bank itself; no other institution acquired it. The estimated cost to the FDIC insurance fund was approximately $334.5M.
The FDIC record for 1985 holds 139 failures and 41 open-bank assistance transactions. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did the FDIC provide assistance to Bowery Savings Bank?
Bowery Savings Bank received FDIC open-bank assistance on October 1, 1985; it did not fail.
How big was Bowery Savings Bank at the time of assistance?
Bowery Savings Bank had approximately $5.28B in total assets and $5.00B in deposits at the time of assistance.
Bank failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
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