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FDIC Open-Bank Assistance

First FS&LA of Chicago

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Assistance provided April 3, 1982 · Galena, IL · FDIC Cert #28820.

Assistance date
April 3, 1982
Headquarters
Galena, IL
FDIC Certificate
28820
Total assets at the time
$3.53B
Total deposits at the time
$2.84B
Estimated loss to the insurance fund
$634.6M
Insurance fund
Federal Savings and Loan Insurance Corporation (FSLIC)
Resolution
Open-bank assistance (the institution stayed open)
Acquirer
Citicorp Savings of Illinoi

Context

On April 3, 1982, the FDIC provided open-bank assistance to First FS&LA of Chicago, headquartered in Galena, IL. The institution continued operating. At the time it held approximately $3.53B in assets and $2.84B in deposits. The FDIC record names Citicorp Savings of Illinoi as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $634.6M.

The FDIC record for 1982 holds 34 failures and 85 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&LA of Chicago?

First FS&LA of Chicago received FDIC open-bank assistance on April 3, 1982; it did not fail.

How big was First FS&LA of Chicago at the time of assistance?

First FS&LA of Chicago had approximately $3.53B in total assets and $2.84B in deposits at the time of assistance.

Bank failures in 1982

Date Bank HQ Assets
Dec 16, 1982 The Security State Bank Mooreland, OK $11.6M
Dec 10, 1982 Bollinger County Bank Lutesville, MO $15.9M
Nov 19, 1982 North Kansas Sa Beloit, KS $36.5M
Nov 19, 1982 Ranchlander National Bank Melvin, TX $4.3M
Nov 12, 1982 Bank of Quitman Quitman, AR $17.4M
Nov 5, 1982 The First National Bank of South Charlesto South Charleston, WV $28.6M
Nov 5, 1982 Texas BK of Amarillo Amarillo, TX $13.1M
Nov 2, 1982 Cedar Bluff Bank Cedar Bluff, AL $13.7M