Bank Failure
First Savings of America
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Closed December 12, 1986 · Orland Park, IL · FDIC Cert #29461.
- Closing date
- December 12, 1986
- Headquarters
- Orland Park, IL
- FDIC Certificate
- 29461
- Total assets (last filing before closing)
- $47.0M
- Total deposits (last filing before closing)
- $56.0M
- 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)
Context
On December 12, 1986, regulators closed First Savings of America, headquartered in Orland Park, IL. At closing, the institution held approximately $47.0M in assets and $56.0M in deposits. The FDIC record does not name an acquiring institution.
By total assets in its last filing before closing, this is the 1707th largest of the 3,526 bank failures in the FDIC record, and the 53rd of 162 in 1986. 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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did First Savings of America fail?
First Savings of America was closed by regulators on December 12, 1986.
How big was First Savings of America when it failed?
First Savings of America had approximately $47.0M in total assets and $56.0M in deposits at the time of failure.
Other failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
| Dec 5, 1986 | Firstsouth FS&LA | $1.68B |
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