Bank Failure
Cleveland Community Savings Co.
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Closed October 28, 1983 · Cleveland, OH · FDIC Cert #30642.
- Closing date
- October 28, 1983
- Headquarters
- Cleveland, OH
- FDIC Certificate
- 30642
- Total assets at closing
- $21.0M
- Total deposits at closing
- $17.3M
- Estimated loss to the insurance fund
- $15.9M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
Context
On October 28, 1983, regulators closed Cleveland Community Savings Co., headquartered in Cleveland, OH. At closing, the institution held approximately $21.0M in assets and $17.3M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $15.9M.
By assets at closing this is the 2302nd largest of the 3,526 bank failures in the FDIC record, and the 29th of 50 in 1983. 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 Cleveland Community Savings Co. fail?
Cleveland Community Savings Co. was closed by regulators on October 28, 1983.
How big was Cleveland Community Savings Co. when it failed?
Cleveland Community Savings Co. had approximately $21.0M in total assets and $17.3M in deposits at the time of failure.
Other failures in 1983
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1983 | The Bank of Red Oak | $11.1M |
| Dec 13, 1983 | Bank of Hackleburg | $6.5M |
| Dec 9, 1983 | Union Trust Company | $30.6M |
| Dec 2, 1983 | Metro FS&LA | $27.4M |
| Nov 25, 1983 | Atkinson Trust & Savings Bank | $21.1M |
| Nov 11, 1983 | First Nat BK of Browning | $13.7M |
| Nov 3, 1983 | State of Clovis, Sa | $30.9M |
| Oct 14, 1983 | The First Nat BK of Midland | $1.41B |
Explore: all failures · OH bank events · 1983 events · events hub