FDIC Open-Bank Assistance
First FS&LA of Suffolk
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Assistance provided August 6, 1982 · Suffolk, VA · FDIC Cert #30796.
- Assistance date
- August 6, 1982
- Headquarters
- Suffolk, VA
- FDIC Certificate
- 30796
- Total assets at the time
- $102.7M
- Total deposits at the time
- $81.6M
- Estimated loss to the insurance fund
- $18.7M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Citizens S&LA F.A.
Context
On August 6, 1982, the FDIC provided open-bank assistance to First FS&LA of Suffolk, headquartered in Suffolk, VA. The institution continued operating. At the time it held approximately $102.7M in assets and $81.6M in deposits. The FDIC record names Citizens S&LA F.A. as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $18.7M.
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 Suffolk?
First FS&LA of Suffolk received FDIC open-bank assistance on August 6, 1982; it did not fail.
How big was First FS&LA of Suffolk at the time of assistance?
First FS&LA of Suffolk had approximately $102.7M in total assets and $81.6M 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 |
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