FDIC Open-Bank Assistance

First FS&LA of Taylorville

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Assistance provided August 10, 1988 · Taylorville, IL · FDIC Cert #29848.

Assistance date: August 10, 1988
Headquarters: Taylorville, IL
FDIC Certificate: 29848
Total assets at the time: $34.6M
Total deposits at the time: $37.6M
Estimated loss to the insurance fund: $2.8M
Insurance fund: Federal Savings and Loan Insurance Corporation (FSLIC)
Resolution: Open-bank assistance (the institution stayed open)
Acquirer: United Savings of America

Context

On August 10, 1988, the FDIC provided open-bank assistance to First FS&LA of Taylorville, headquartered in Taylorville, IL. The institution continued operating. At the time it held approximately $34.6M in assets and $37.6M in deposits. The FDIC record names United Savings of America as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $2.8M.

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 Taylorville?

First FS&LA of Taylorville received FDIC open-bank assistance on August 10, 1988; it did not fail.

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

First FS&LA of Taylorville had approximately $34.6M in total assets and $37.6M in deposits at the time of assistance.

Bank failures in 1988

Date	Bank	HQ	Assets
Dec 16, 1988	First Industrial Bank of Rocky Ford	Rocky Ford, CO	$12.5M
Dec 16, 1988	First Southwest Bank	Eldorado, OK	$9.8M
Dec 15, 1988	Texas National Bank	Dallas, TX	$37.7M
Dec 15, 1988	First National Bank in Center	Center, TX	$26.1M
Dec 15, 1988	Crescent City Bank & Trust Company	New Orleans, LA	$24.0M
Dec 15, 1988	Texas Bank of Plano	Plano, TX	$15.1M
Dec 15, 1988	First National Bank in Bogata	Bogata, TX	$13.2M
Dec 9, 1988	Silverado S&LA	Denver, CO	$2.32B

All 1988 events ›

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