FDIC Open-Bank Assistance
Eureka FS&LA
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Assistance provided June 21, 1985 · San Carlos, CA · FDIC Cert #28745.
- Assistance date
- June 21, 1985
- Headquarters
- San Carlos, CA
- FDIC Certificate
- 28745
- Total assets at the time
- $1.57B
- Total deposits at the time
- $1.36B
- Estimated loss to the insurance fund
- $453.3M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Eureka FS&LA
Context
On June 21, 1985, the FDIC provided open-bank assistance to Eureka FS&LA, headquartered in San Carlos, CA. The institution continued operating. At the time it held approximately $1.57B in assets and $1.36B 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 $453.3M.
The FDIC record for 1985 holds 139 failures and 41 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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did the FDIC provide assistance to Eureka FS&LA?
Eureka FS&LA received FDIC open-bank assistance on June 21, 1985; it did not fail.
How big was Eureka FS&LA at the time of assistance?
Eureka FS&LA had approximately $1.57B in total assets and $1.36B in deposits at the time of assistance.
Bank failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
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