Bank Failure

First FS&LA

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Closed March 20, 1987 · Hagerstown, MD · FDIC Cert #29821.

Closing date: March 20, 1987
Headquarters: Hagerstown, MD
FDIC Certificate: 29821
Total assets at closing: $95.7M
Total deposits at closing: $124.7M
Estimated loss to the insurance fund: $77.9M
Insurance fund: Federal Savings and Loan Insurance Corporation (FSLIC)
Resolution: Failure (closed by regulators)

Context

On March 20, 1987, regulators closed First FS&LA, headquartered in Hagerstown, MD. At closing, the institution held approximately $95.7M in assets and $124.7M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $77.9M.

By assets at closing this is the 1232nd largest of the 3,526 bank failures in the FDIC record, and the 35th of 217 in 1987. 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 March 20, 1987.

How big was First FS&LA when it failed?

First FS&LA had approximately $95.7M in total assets and $124.7M in deposits at the time of failure.

Other 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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