FDIC Open-Bank Assistance

First State S&LA

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Assistance provided October 23, 1986 · Spartansburg, SC · FDIC Cert #30071.

Assistance date: October 23, 1986
Headquarters: Spartansburg, SC
FDIC Certificate: 30071
Total assets at the time: $78.8M
Total deposits at the time: $77.9M
Estimated loss to the insurance fund: Not available (the FDIC feed's figure of $64K is not consistent with a failure of this size)
Insurance fund: Federal Savings and Loan Insurance Corporation (FSLIC)
Resolution: Open-bank assistance (the institution stayed open)
Acquirer: Poughkeepsie SB FSB

Context

On October 23, 1986, the FDIC provided open-bank assistance to First State S&LA, headquartered in Spartansburg, SC. The institution continued operating. At the time it held approximately $78.8M in assets and $77.9M in deposits. The FDIC record names Poughkeepsie SB FSB as the acquiring institution in the assisted transaction.

The FDIC record for 1986 holds 162 failures and 42 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 State S&LA?

First State S&LA received FDIC open-bank assistance on October 23, 1986; it did not fail.

How big was First State S&LA at the time of assistance?

First State S&LA had approximately $78.8M in total assets and $77.9M in deposits at the time of assistance.

Bank failures in 1986

Date	Bank	HQ	Assets
Dec 19, 1986	Lakeland State Bank	Pequot Lakes, MN	$49.4M
Dec 19, 1986	Farmers State Bank	Lueders, TX	$9.7M
Dec 18, 1986	First Bank & Trust Co.	Booker, TX	$94.9M
Dec 18, 1986	Landmark National Bank	Denver, CO	$12.9M
Dec 18, 1986	Lago Vista National Bank	Lago Vista, TX	$11.9M
Dec 12, 1986	Guaranty Federal Bank FSB	Casper, WY	$63.8M
Dec 12, 1986	First Savings of America	Orland Park, IL	$47.0M
Dec 9, 1986	The Citizens Bank of Windsor	Windsor, MO	$24.8M

All 1986 events ›

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