FDIC Open-Bank Assistance
Citizens Home Savings Company
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Assistance provided June 27, 1986 · Lorain, OH · FDIC Cert #28149.
- Assistance date
- June 27, 1986
- Headquarters
- Lorain, OH
- FDIC Certificate
- 28149
- Total assets at the time
- $156.1M
- Total deposits at the time
- $168.6M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $138K is not consistent with a failure of this size)
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- First Nationwide SVG FS&LA
Context
On June 27, 1986, the FDIC provided open-bank assistance to Citizens Home Savings Company, headquartered in Lorain, OH. The institution continued operating. At the time it held approximately $156.1M in assets and $168.6M in deposits. The FDIC record names First Nationwide SVG FS&LA as the acquiring institution in the assisted transaction.
The FDIC record for 1986 holds 162 failures and 42 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 Home Savings Company?
Citizens Home Savings Company received FDIC open-bank assistance on June 27, 1986; it did not fail.
How big was Citizens Home Savings Company at the time of assistance?
Citizens Home Savings Company had approximately $156.1M in total assets and $168.6M in deposits at the time of assistance.
Bank failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
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