FDIC Open-Bank Assistance
First FS&LA of Grand Rapids
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Assistance provided August 26, 1988 · Grand Rapids, MN · FDIC Cert #30868.
- Assistance date
- August 26, 1988
- Headquarters
- Grand Rapids, MN
- FDIC Certificate
- 30868
- Total assets at the time
- $105.9M
- Total deposits at the time
- $96.9M
- Estimated loss to the insurance fund
- $44.6M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- First FS&LA of Brainerd
Context
On August 26, 1988, the FDIC provided open-bank assistance to First FS&LA of Grand Rapids, headquartered in Grand Rapids, MN. The institution continued operating. At the time it held approximately $105.9M in assets and $96.9M in deposits. The FDIC record names First FS&LA of Brainerd as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $44.6M.
The FDIC record for 1988 holds 232 failures and 238 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 Grand Rapids?
First FS&LA of Grand Rapids received FDIC open-bank assistance on August 26, 1988; it did not fail.
How big was First FS&LA of Grand Rapids at the time of assistance?
First FS&LA of Grand Rapids had approximately $105.9M in total assets and $96.9M in deposits at the time of assistance.
Bank 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 |
Explore: all failures · MN bank events · 1988 events · events hub