Bank Failure

First FS & La

Name: First FS & La Bank Failure
Start: 1991-08-23
End: 1991-08-23
Location: Mt. Vernon, OH

Closed August 23, 1991 · Mt. Vernon, OH · FDIC Cert #27842.

Closing date: August 23, 1991
Headquarters: Mt. Vernon, OH
FDIC Certificate: 27842
Total assets at closing: $73.1M
Total deposits at closing: $74.4M
Estimated loss to DIF: $4K
Resolution: Failure (closed by regulators)
Acquirer: First FS&LA of Wooster

Context

On August 23, 1991, regulators closed First FS & La, headquartered in Mt. Vernon, OH. At closing, the institution held approximately $73.1M in assets and $74.4M in deposits. The FDIC arranged a resolution under which First FS&LA of Wooster acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $4K.

By assets at closing this is the 1392nd largest of the 3,524 bank failures in the FDIC record, and the 143rd of 268 in 1991. 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 First FS & La fail?

First FS & La was closed by regulators on August 23, 1991.

Who acquired First FS & La?

First FS&LA of Wooster acquired the failed bank's deposits and operations on August 23, 1991 under an FDIC-brokered resolution.

How big was First FS & La when it failed?

First FS & La had approximately $73.1M in total assets and $74.4M in deposits at the time of failure.

Other failures in 1991

Date	Bank	HQ	Assets
Dec 20, 1991	North Ridge Bank	Oakland Park, FL	$94.3M
Dec 13, 1991	Investors FSB	Richmond, VA	$2.06B
Dec 13, 1991	The Bank Mart	Bridgeport, CT	$578.2M
Dec 13, 1991	Merchants National Bank	Leominster, MA	$153.6M
Dec 13, 1991	Bank of East Hartford	East Hartford, CT	$36.6M
Dec 13, 1991	Federal Finance & Mortgage, LTD	Honolulu, HI	$7.7M
Dec 12, 1991	Granite Co-Operative Bank	Quincy, MA	$103.8M
Dec 6, 1991	Saybrook Bank and Trust Company	Old Saybrook, CT	$77.3M

All 1991 events ›

Explore: all failures · OH bank events · 1991 events · events hub