FDIC Open-Bank Assistance
Flushing FS&LA
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Assistance provided July 19, 1985 · Flushing, NY · FDIC Cert #28504.
- Assistance date
- July 19, 1985
- Headquarters
- Flushing, NY
- FDIC Certificate
- 28504
- Total assets at the time
- $527.7M
- Total deposits at the time
- $524.9M
- Estimated loss to the insurance fund
- $22.9M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Long Island Savings Bank F
Context
On July 19, 1985, the FDIC provided open-bank assistance to Flushing FS&LA, headquartered in Flushing, NY. The institution continued operating. At the time it held approximately $527.7M in assets and $524.9M in deposits. The FDIC record names Long Island Savings Bank F as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $22.9M.
The FDIC record for 1985 holds 139 failures and 41 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 Flushing FS&LA?
Flushing FS&LA received FDIC open-bank assistance on July 19, 1985; it did not fail.
How big was Flushing FS&LA at the time of assistance?
Flushing FS&LA had approximately $527.7M in total assets and $524.9M in deposits at the time of assistance.
Bank failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
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