FDIC Open-Bank Assistance
First S&LA
BankRegReports is independent of First S&LA and never asks for online banking logins or passwords.
Assistance provided February 1, 1980 · Honolulu, HI · FDIC Cert #31431.
- Assistance date
- February 1, 1980
- Headquarters
- Honolulu, HI
- FDIC Certificate
- 31431
- Total assets at the time
- $33.2M
- Total deposits at the time
- $26.1M
- Estimated loss to the insurance fund
- $127K
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- First FS&LA of America
Context
On February 1, 1980, the FDIC provided open-bank assistance to First S&LA, headquartered in Honolulu, HI. The institution continued operating. At the time it held approximately $33.2M in assets and $26.1M in deposits. The FDIC record names First FS&LA of America as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $127K.
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 S&LA?
First S&LA received FDIC open-bank assistance on February 1, 1980; it did not fail.
How big was First S&LA at the time of assistance?
First S&LA had approximately $33.2M in total assets and $26.1M 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 |
Explore: all failures · HI bank events · 1980 events · events hub