Bank Failure
Economy S&LA
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Closed May 18, 1981 · Chicago, IL · FDIC Cert #30480.
- Closing date
- May 18, 1981
- Headquarters
- Chicago, IL
- FDIC Certificate
- 30480
- Total assets at closing
- $73.9M
- Total deposits at closing
- $58.4M
- Estimated loss to the insurance fund
- $22.0M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
Context
On May 18, 1981, regulators closed Economy S&LA, headquartered in Chicago, IL. At closing, the institution held approximately $73.9M in assets and $58.4M 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 $22.0M.
By assets at closing this is the 1386th largest of the 3,526 bank failures in the FDIC record, and the 2nd of 9 in 1981. 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 Economy S&LA fail?
Economy S&LA was closed by regulators on May 18, 1981.
How big was Economy S&LA when it failed?
Economy S&LA had approximately $73.9M in total assets and $58.4M in deposits at the time of failure.
Other failures in 1981
| Date | Bank | Assets |
|---|---|---|
| Oct 30, 1981 | Midtown National Bank | $10.6M |
| Oct 23, 1981 | High Lakes Community Bank | $3.7M |
| Sep 25, 1981 | Southwestern Bank | $5.3M |
| Sep 8, 1981 | First FS&LA of Rochester | $1.20B |
| Jun 19, 1981 | Northwest Commerce Bank | $6.7M |
| Mar 17, 1981 | Peoples Banking Company | $8.4M |
| Mar 14, 1981 | The Des Plaines Bank | $46.5M |
| Mar 14, 1981 | South Side Bank | $27.5M |
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