FDIC Open-Bank Assistance
Family FS&LA
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Assistance provided October 31, 1986 · Saginaw, MI · FDIC Cert #27649.
- Assistance date
- October 31, 1986
- Headquarters
- Saginaw, MI
- FDIC Certificate
- 27649
- Total assets at the time
- $338.9M
- Total deposits at the time
- $354.9M
- Estimated loss to the insurance fund
- $17.2M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Heritage FSB
Context
On October 31, 1986, the FDIC provided open-bank assistance to Family FS&LA, headquartered in Saginaw, MI. The institution continued operating. At the time it held approximately $338.9M in assets and $354.9M in deposits. The FDIC record names Heritage FSB as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $17.2M.
The FDIC record for 1986 holds 162 failures and 42 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 Family FS&LA?
Family FS&LA received FDIC open-bank assistance on October 31, 1986; it did not fail.
How big was Family FS&LA at the time of assistance?
Family FS&LA had approximately $338.9M in total assets and $354.9M in deposits at the time of assistance.
Bank failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
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