Bank Failure
First FS&LA
Closed August 31, 1988 · Elk City, OK · FDIC Cert #28648.
- Closing date
- August 31, 1988
- Headquarters
- Elk City, OK
- FDIC Certificate
- 28648
- Total assets at closing
- $106.7M
- Total deposits at closing
- $133.0M
- Estimated loss to DIF
- $95.0M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Red River FS&LA
Context
On August 31, 1988, regulators closed First FS&LA, headquartered in Elk City, OK. At closing, the institution held approximately $106.7M in assets and $133.0M in deposits. The FDIC arranged a resolution under which Red River FS&LA acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $95.0M.
By assets at closing this is the 1156th largest of the 3,524 bank failures in the FDIC record, and the 60th of 232 in 1988. 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 31, 1988.
Who acquired First FS&LA?
Red River FS&LA acquired the failed bank's deposits and operations on August 31, 1988 under an FDIC-brokered resolution.
How big was First FS&LA when it failed?
First FS&LA had approximately $106.7M in total assets and $133.0M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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