FDIC Open-Bank Assistance
First FS&LA of Chicago
BankRegReports is independent of First FS&LA of Chicago and never asks for online banking logins or passwords.
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 | Assets |
|---|---|---|
| Dec 16, 1982 | The Security State Bank | $11.6M |
| Dec 10, 1982 | Bollinger County Bank | $15.9M |
| Nov 19, 1982 | North Kansas Sa | $36.5M |
| Nov 19, 1982 | Ranchlander National Bank | $4.3M |
| Nov 12, 1982 | Bank of Quitman | $17.4M |
| Nov 5, 1982 | The First National Bank of South Charlesto | $28.6M |
| Nov 5, 1982 | Texas BK of Amarillo | $13.1M |
| Nov 2, 1982 | Cedar Bluff Bank | $13.7M |
Explore: all failures · IL bank events · 1982 events · events hub