FDIC Open-Bank Assistance
Farmers FS&LA
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Assistance provided October 23, 1986 · Ravenswood, WV · FDIC Cert #27712.
- Assistance date
- October 23, 1986
- Headquarters
- Ravenswood, WV
- FDIC Certificate
- 27712
- Total assets at the time
- $131.3M
- Total deposits at the time
- $124.7M
- Estimated loss to the insurance fund
- $238K
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Poughkeepsie SB FSB
Context
On October 23, 1986, the FDIC provided open-bank assistance to Farmers FS&LA, headquartered in Ravenswood, WV. The institution continued operating. At the time it held approximately $131.3M in assets and $124.7M in deposits. The FDIC record names Poughkeepsie SB FSB as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $238K.
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 Farmers FS&LA?
Farmers FS&LA received FDIC open-bank assistance on October 23, 1986; it did not fail.
How big was Farmers FS&LA at the time of assistance?
Farmers FS&LA had approximately $131.3M in total assets and $124.7M 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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