FDIC Open-Bank Assistance
Central S&LA
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Assistance provided May 31, 1985 · San Diego, CA · FDIC Cert #30965.
- Assistance date
- May 31, 1985
- Headquarters
- San Diego, CA
- FDIC Certificate
- 30965
- Total assets at the time
- $2.31B
- Total deposits at the time
- $1.68B
- Estimated loss to the insurance fund
- $327.1M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Coast S&LA
Context
On May 31, 1985, the FDIC provided open-bank assistance to Central S&LA, headquartered in San Diego, CA. The institution continued operating. At the time it held approximately $2.31B in assets and $1.68B in deposits. The FDIC record names Coast S&LA as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $327.1M.
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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did the FDIC provide assistance to Central S&LA?
Central S&LA received FDIC open-bank assistance on May 31, 1985; it did not fail.
How big was Central S&LA at the time of assistance?
Central S&LA had approximately $2.31B in total assets and $1.68B 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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