Bank Failure
Citizens S&LA
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Closed December 4, 1985 · Salem, OR · FDIC Cert #31792.
- Closing date
- December 4, 1985
- Headquarters
- Salem, OR
- FDIC Certificate
- 31792
- Total assets at closing
- $239.7M
- Total deposits at closing
- $153.5M
- Estimated loss to the insurance fund
- $85.2M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Freedom FS&LA
Context
On December 4, 1985, regulators closed Citizens S&LA, headquartered in Salem, OR. At closing, the institution held approximately $239.7M in assets and $153.5M in deposits. The FDIC record names Freedom FS&LA as the acquiring institution in the resolution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $85.2M.
By assets at closing this is the 669th largest of the 3,526 bank failures in the FDIC record, and the 11th of 139 in 1985. 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 Citizens S&LA fail?
Citizens S&LA was closed by regulators on December 4, 1985.
Who acquired Citizens S&LA?
The FDIC record names Freedom FS&LA as the acquiring institution in the resolution of Citizens S&LA.
How big was Citizens S&LA when it failed?
Citizens S&LA had approximately $239.7M in total assets and $153.5M in deposits at the time of failure.
Other 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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