FDIC Open-Bank Assistance
Cook County FS&LA
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Assistance provided February 3, 1989 · Chicago, IL · FDIC Cert #29752.
- Assistance date
- February 3, 1989
- Headquarters
- Chicago, IL
- FDIC Certificate
- 29752
- Total assets at the time
- $164.0M
- Total deposits at the time
- $171.0M
- Estimated loss to the insurance fund
- $55.1M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Cook County FS&LA
Context
On February 3, 1989, the FDIC provided open-bank assistance to Cook County FS&LA, headquartered in Chicago, IL. The institution continued operating. At the time it held approximately $164.0M in assets and $171.0M in deposits. The assistance went to the bank itself; no other institution acquired it. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $55.1M.
The FDIC record for 1989 holds 530 failures and 4 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 Cook County FS&LA?
Cook County FS&LA received FDIC open-bank assistance on February 3, 1989; it did not fail.
How big was Cook County FS&LA at the time of assistance?
Cook County FS&LA had approximately $164.0M in total assets and $171.0M in deposits at the time of assistance.
Bank failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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