FDIC Open-Bank Assistance
First FS and La of Grand Forks and Minot
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Assistance provided April 2, 1984 · Minot, ND · FDIC Cert #29184.
- Assistance date
- April 2, 1984
- Headquarters
- Minot, ND
- FDIC Certificate
- 29184
- Total assets at the time
- $246.0M
- Total deposits at the time
- $210.6M
- Estimated loss to the insurance fund
- $40.5M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Midwest FSB
Context
On April 2, 1984, the FDIC provided open-bank assistance to First FS and La of Grand Forks and Minot, headquartered in Minot, ND. The institution continued operating. At the time it held approximately $246.0M in assets and $210.6M in deposits. The FDIC record names Midwest FSB as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $40.5M.
The FDIC record for 1984 holds 83 failures and 23 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 FS and La of Grand Forks and Minot?
First FS and La of Grand Forks and Minot received FDIC open-bank assistance on April 2, 1984; it did not fail.
How big was First FS and La of Grand Forks and Minot at the time of assistance?
First FS and La of Grand Forks and Minot had approximately $246.0M in total assets and $210.6M in deposits at the time of assistance.
Bank failures in 1984
| Date | Bank | Assets |
|---|---|---|
| Dec 22, 1984 | First Security Bank | $13.4M |
| Dec 20, 1984 | The Farmers State Bank | $14.6M |
| Dec 18, 1984 | Uehling State Bank | $4.2M |
| Dec 11, 1984 | University Bank of Wichita | $4.7M |
| Dec 7, 1984 | San Marino S&LA | $856.8M |
| Dec 7, 1984 | Farmers State BK of Holyoke | $3.9M |
| Dec 4, 1984 | Golden Spike State Bank | $7.8M |
| Nov 30, 1984 | The Dayton BK & TR Co. | $51.4M |
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