FDIC Open-Bank Assistance
First of Niles FS&LA
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Assistance provided October 14, 1980 · Niles, MI · FDIC Cert #29504.
- Assistance date
- October 14, 1980
- Headquarters
- Niles, MI
- FDIC Certificate
- 29504
- Total assets at the time
- $131.8M
- Total deposits at the time
- $120.3M
- Estimated loss to the insurance fund
- $13.3M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Standard FS&LA
Context
On October 14, 1980, the FDIC provided open-bank assistance to First of Niles FS&LA, headquartered in Niles, MI. The institution continued operating. At the time it held approximately $131.8M in assets and $120.3M in deposits. The FDIC record names Standard FS&LA as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $13.3M.
The FDIC record for 1980 holds 10 failures and 12 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 of Niles FS&LA?
First of Niles FS&LA received FDIC open-bank assistance on October 14, 1980; it did not fail.
How big was First of Niles FS&LA at the time of assistance?
First of Niles FS&LA had approximately $131.8M in total assets and $120.3M in deposits at the time of assistance.
Bank failures in 1980
| Date | Bank | Assets |
|---|---|---|
| Dec 31, 1980 | East Gadsden Bank | $44.0M |
| Nov 21, 1980 | Citizens State BK of Galena | $10.3M |
| Oct 11, 1980 | The Rochelle BK & TR Co. | $8.4M |
| Sep 12, 1980 | The Metro BK of Huntington, Inc. | $27.0M |
| Aug 8, 1980 | The Mission State BK & TR Co. | $86.4M |
| Jun 28, 1980 | City & County BK of Campbell CTY | $39.8M |
| Jun 4, 1980 | The Citizens State Bank | $2.0M |
| Feb 16, 1980 | Mohawk BK & TR Co. | $5.9M |
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