FDIC Open-Bank Assistance
Farmers & Mechanics Savings Bank of Minnea
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Assistance provided February 20, 1982 · Minneapolis, MN · FDIC Cert #12008.
- Assistance date
- February 20, 1982
- Headquarters
- Minneapolis, MN
- FDIC Certificate
- 12008
- Total assets at the time
- $1.01B
- Total deposits at the time
- $842.0M
- Estimated loss to the insurance fund
- $52.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Farmers & Mechanics Savings
Context
On February 20, 1982, the FDIC provided open-bank assistance to Farmers & Mechanics Savings Bank of Minnea, headquartered in Minneapolis, MN. The institution continued operating. At the time it held approximately $1.01B in assets and $842.0M in deposits. The assistance went to the bank itself; no other institution acquired it. The estimated cost to the FDIC insurance fund was approximately $52.4M.
The FDIC record for 1982 holds 34 failures and 85 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 & Mechanics Savings Bank of Minnea?
Farmers & Mechanics Savings Bank of Minnea received FDIC open-bank assistance on February 20, 1982; it did not fail.
How big was Farmers & Mechanics Savings Bank of Minnea at the time of assistance?
Farmers & Mechanics Savings Bank of Minnea had approximately $1.01B in total assets and $842.0M in deposits at the time of assistance.
Bank failures in 1982
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1982 | The Security State Bank | $11.6M |
| Dec 10, 1982 | Bollinger County Bank | $15.9M |
| Nov 19, 1982 | North Kansas Sa | $36.5M |
| Nov 19, 1982 | Ranchlander National Bank | $4.3M |
| Nov 12, 1982 | Bank of Quitman | $17.4M |
| Nov 5, 1982 | The First National Bank of South Charlesto | $28.6M |
| Nov 5, 1982 | Texas BK of Amarillo | $13.1M |
| Nov 2, 1982 | Cedar Bluff Bank | $13.7M |
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