FDIC Open-Bank Assistance

First Federal of Titusville

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Assistance provided May 2, 1985 · Titusville, FL · FDIC Cert #30934.

Assistance date: May 2, 1985
Headquarters: Titusville, FL
FDIC Certificate: 30934
Total assets at the time: $162.7M
Total deposits at the time: $157.7M
Estimated loss to the insurance fund: $7.1M
Insurance fund: Federal Savings and Loan Insurance Corporation (FSLIC)
Resolution: Open-bank assistance (the institution stayed open)
Acquirer: First FS&LA of Winter Haven

Context

On May 2, 1985, the FDIC provided open-bank assistance to First Federal of Titusville, headquartered in Titusville, FL. The institution continued operating. At the time it held approximately $162.7M in assets and $157.7M in deposits. The FDIC record names First FS&LA of Winter Haven as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $7.1M.

The FDIC record for 1985 holds 139 failures and 41 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 Federal of Titusville?

First Federal of Titusville received FDIC open-bank assistance on May 2, 1985; it did not fail.

How big was First Federal of Titusville at the time of assistance?

First Federal of Titusville had approximately $162.7M in total assets and $157.7M in deposits at the time of assistance.

Bank failures in 1985

Date	Bank	HQ	Assets
Dec 20, 1985	First City Bank	Glendale, CA	$35.8M
Dec 20, 1985	State Bank of Frost	Frost, MN	$7.7M
Dec 19, 1985	Princeton State Bank	Princeton, MO	$18.4M
Dec 19, 1985	Farmers State Bank	Sargent, NE	$12.5M
Dec 19, 1985	Bank of Panama	Panama, NE	$4.4M
Dec 19, 1985	Farmers & Merchants Bank	Comstock, NE	$3.3M
Dec 13, 1985	The First National Bank in Lincoln County	Ruidoso, NM	$32.0M
Dec 13, 1985	Lake National Bank	Lake Ozark, MO	$19.8M

All 1985 events ›

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