FDIC Open-Bank Assistance
First American S&LA
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Assistance provided April 14, 1986 · Benton, IL · FDIC Cert #31550.
- Assistance date
- April 14, 1986
- Headquarters
- Benton, IL
- FDIC Certificate
- 31550
- Total assets at the time
- $80.6M
- Total deposits at the time
- $73.5M
- Estimated loss to the insurance fund
- $25.5M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- First Cook Bank for Savings
Context
On April 14, 1986, the FDIC provided open-bank assistance to First American S&LA, headquartered in Benton, IL. The institution continued operating. At the time it held approximately $80.6M in assets and $73.5M in deposits. The FDIC record names First Cook Bank for Savings as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $25.5M.
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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did the FDIC provide assistance to First American S&LA?
First American S&LA received FDIC open-bank assistance on April 14, 1986; it did not fail.
How big was First American S&LA at the time of assistance?
First American S&LA had approximately $80.6M in total assets and $73.5M 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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