Bank Failure
First FS&LA of Rochester
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Closed September 8, 1981 · Rochester, NY · FDIC Cert #28678.
- Closing date
- September 8, 1981
- Headquarters
- Rochester, NY
- FDIC Certificate
- 28678
- Total assets at closing
- $1.20B
- Total deposits at closing
- $989.2M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First FS&LA of Rochester
Context
On September 8, 1981, regulators closed First FS&LA of Rochester, headquartered in Rochester, NY. At closing, the institution held approximately $1.20B in assets and $989.2M in deposits. The FDIC record names First FS&LA of Rochester as the acquiring institution in the resolution.
By assets at closing this is the 181st largest of the 3,526 bank failures in the FDIC record, and the 1st of 9 in 1981. 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 of Rochester fail?
First FS&LA of Rochester was closed by regulators on September 8, 1981.
Who acquired First FS&LA of Rochester?
The FDIC record names First FS&LA of Rochester as the acquiring institution in the resolution of First FS&LA of Rochester.
How big was First FS&LA of Rochester when it failed?
First FS&LA of Rochester had approximately $1.20B in total assets and $989.2M in deposits at the time of failure.
Other failures in 1981
| Date | Bank | Assets |
|---|---|---|
| Oct 30, 1981 | Midtown National Bank | $10.6M |
| Oct 23, 1981 | High Lakes Community Bank | $3.7M |
| Sep 25, 1981 | Southwestern Bank | $5.3M |
| Jun 19, 1981 | Northwest Commerce Bank | $6.7M |
| May 18, 1981 | Economy S&LA | $73.9M |
| Mar 17, 1981 | Peoples Banking Company | $8.4M |
| Mar 14, 1981 | The Des Plaines Bank | $46.5M |
| Mar 14, 1981 | South Side Bank | $27.5M |
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