FDIC Open-Bank Assistance

First Financial of LA

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Assistance provided December 30, 1987 · Lutcher, LA · FDIC Cert #29947.

Assistance date: December 30, 1987
Headquarters: Lutcher, LA
FDIC Certificate: 29947
Total assets at the time: $159.5M
Total deposits at the time: $151.5M
Estimated loss to the insurance fund: $105.7M
Insurance fund: Federal Savings and Loan Insurance Corporation (FSLIC)
Resolution: Open-bank assistance (the institution stayed open)
Acquirer: Pelican Homestead&svg Assn

Context

On December 30, 1987, the FDIC provided open-bank assistance to First Financial of LA, headquartered in Lutcher, LA. The institution continued operating. At the time it held approximately $159.5M in assets and $151.5M in deposits. The FDIC record names Pelican Homestead&svg Assn as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $105.7M.

The FDIC record for 1987 holds 217 failures and 45 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 First Financial of LA?

First Financial of LA received FDIC open-bank assistance on December 30, 1987; it did not fail.

How big was First Financial of LA at the time of assistance?

First Financial of LA had approximately $159.5M in total assets and $151.5M in deposits at the time of assistance.

Bank failures in 1987

Date	Bank	HQ	Assets
Dec 18, 1987	First State Bank at Shoshoni	Shoshoni, WY	$4.6M
Dec 17, 1987	Usbank	Denton, TX	$86.0M
Dec 17, 1987	Bank of Mabank	Mabank, TX	$43.8M
Dec 17, 1987	American Bank of Commerce	Lake Charles, LA	$35.5M
Dec 11, 1987	First Interstate Bank of Alaska	Anchorage, AK	$367.7M
Dec 11, 1987	Lewis and Clark State Bank	Lake Oswego, OR	$20.3M
Dec 10, 1987	Heritage National Bank	Austin, TX	$53.2M
Dec 10, 1987	Bancfirst-Austin, N.A.	Austin, TX	$25.3M

All 1987 events ›

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