FDIC Open-Bank Assistance
Central Savings Bank
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Assistance provided December 4, 1981 · New York, NY · FDIC Cert #16064.
- Assistance date
- December 4, 1981
- Headquarters
- New York, NY
- FDIC Certificate
- 16064
- Total assets at the time
- $910.2M
- Total deposits at the time
- $698.9M
- Estimated loss to the insurance fund
- $32.9M
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Harlem Savings Bank
Context
On December 4, 1981, the FDIC provided open-bank assistance to Central Savings Bank, headquartered in New York, NY. The institution continued operating. At the time it held approximately $910.2M in assets and $698.9M in deposits. The FDIC record names Harlem Savings Bank as the acquiring institution in the assisted transaction. The estimated cost to the FDIC insurance fund was approximately $32.9M.
The FDIC record for 1981 holds 9 failures and 31 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 Central Savings Bank?
Central Savings Bank received FDIC open-bank assistance on December 4, 1981; it did not fail.
How big was Central Savings Bank at the time of assistance?
Central Savings Bank had approximately $910.2M in total assets and $698.9M in deposits at the time of assistance.
Bank failures in 1981
| Date | Bank | Assets |
|---|---|---|
| Oct 30, 1981 | Midtown National Bank | $10.6M |
| Oct 23, 1981 | High Lakes Community Bank | $3.7M |
| Sep 25, 1981 | Southwestern Bank | $5.3M |
| Sep 8, 1981 | First FS&LA of Rochester | $1.20B |
| Jun 19, 1981 | Northwest Commerce Bank | $6.7M |
| May 18, 1981 | Economy S&LA | $73.9M |
| Mar 17, 1981 | Peoples Banking Company | $8.4M |
| Mar 14, 1981 | The Des Plaines Bank | $46.5M |
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