FDIC Open-Bank Assistance
Financial Security S&LA
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Assistance provided June 1, 1981 · Elk Grove Village, IL · FDIC Cert #28190.
- Assistance date
- June 1, 1981
- Headquarters
- Elk Grove Village, IL
- FDIC Certificate
- 28190
- Total assets at the time
- $63.8M
- Total deposits at the time
- $50.1M
- Estimated loss to the insurance fund
- $15.7M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Land of Lincoln S&LA
Context
On June 1, 1981, the FDIC provided open-bank assistance to Financial Security S&LA, headquartered in Elk Grove Village, IL. The institution continued operating. At the time it held approximately $63.8M in assets and $50.1M in deposits. The FDIC record names Land of Lincoln S&LA as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $15.7M.
The FDIC record for 1981 holds 9 failures and 31 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 Financial Security S&LA?
Financial Security S&LA received FDIC open-bank assistance on June 1, 1981; it did not fail.
How big was Financial Security S&LA at the time of assistance?
Financial Security S&LA had approximately $63.8M in total assets and $50.1M in deposits at the time of assistance.
Bank 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 |
| May 18, 1981 | Economy S&LA | $73.9M |
| Mar 17, 1981 | Peoples Banking Company | $8.4M |
| Mar 14, 1981 | The Des Plaines Bank | $46.5M |
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