FDIC Open-Bank Assistance
Continental S&LA
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Assistance provided May 31, 1983 · New Orleans, LA · FDIC Cert #27994.
- Assistance date
- May 31, 1983
- Headquarters
- New Orleans, LA
- FDIC Certificate
- 27994
- Total assets at the time
- $40.0M
- Total deposits at the time
- $28.6M
- Estimated loss to the insurance fund
- $2.9M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- South Savings&loan Assn
Context
On May 31, 1983, the FDIC provided open-bank assistance to Continental S&LA, headquartered in New Orleans, LA. The institution continued operating. At the time it held approximately $40.0M in assets and $28.6M in deposits. The FDIC record names South Savings&loan Assn as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $2.9M.
The FDIC record for 1983 holds 50 failures and 49 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 31, 1983; it did not fail.
How big was Continental S&LA at the time of assistance?
Continental S&LA had approximately $40.0M in total assets and $28.6M in deposits at the time of assistance.
Bank 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 28, 1983 | Cleveland Community Savings Co. | $21.0M |
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