FDIC Open-Bank Assistance
Citizens FS&LA
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Assistance provided December 1, 1985 · Seattle, WA · FDIC Cert #28890.
- Assistance date
- December 1, 1985
- Headquarters
- Seattle, WA
- FDIC Certificate
- 28890
- Total assets at the time
- $461.4M
- Total deposits at the time
- $353.2M
- Estimated loss to the insurance fund
- $18.0M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Citizens FS&LA
Context
On December 1, 1985, the FDIC provided open-bank assistance to Citizens FS&LA, headquartered in Seattle, WA. The institution continued operating. At the time it held approximately $461.4M in assets and $353.2M in deposits. The assistance went to the bank itself; no other institution acquired it. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $18.0M.
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 Citizens FS&LA?
Citizens FS&LA received FDIC open-bank assistance on December 1, 1985; it did not fail.
How big was Citizens FS&LA at the time of assistance?
Citizens FS&LA had approximately $461.4M in total assets and $353.2M 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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