FDIC Open-Bank Assistance
Continental S&LA
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Assistance provided May 1, 1980 · Gloucester City, NJ · FDIC Cert #31221.
- Assistance date
- May 1, 1980
- Headquarters
- Gloucester City, NJ
- FDIC Certificate
- 31221
- Total assets at the time
- $74.9M
- Total deposits at the time
- $58.5M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this transaction)
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Collective FS&LA
Context
On May 1, 1980, the FDIC provided open-bank assistance to Continental S&LA, headquartered in Gloucester City, NJ. The institution continued operating. At the time it held approximately $74.9M in assets and $58.5M in deposits. The FDIC record names Collective FS&LA as the acquiring institution in the assisted transaction.
The FDIC record for 1980 holds 10 failures and 12 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 Continental S&LA?
Continental S&LA received FDIC open-bank assistance on May 1, 1980; it did not fail.
How big was Continental S&LA at the time of assistance?
Continental S&LA had approximately $74.9M in total assets and $58.5M in deposits at the time of assistance.
Bank failures in 1980
| Date | Bank | Assets |
|---|---|---|
| Dec 31, 1980 | East Gadsden Bank | $44.0M |
| Nov 21, 1980 | Citizens State BK of Galena | $10.3M |
| Oct 11, 1980 | The Rochelle BK & TR Co. | $8.4M |
| Sep 12, 1980 | The Metro BK of Huntington, Inc. | $27.0M |
| Aug 8, 1980 | The Mission State BK & TR Co. | $86.4M |
| Jun 28, 1980 | City & County BK of Campbell CTY | $39.8M |
| Jun 4, 1980 | The Citizens State Bank | $2.0M |
| Feb 16, 1980 | Mohawk BK & TR Co. | $5.9M |
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