FDIC Open-Bank Assistance
Franklin Sa
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Assistance provided February 9, 1981 · Chicago, IL · FDIC Cert #31010.
- Assistance date
- February 9, 1981
- Headquarters
- Chicago, IL
- FDIC Certificate
- 31010
- Total assets at the time
- $97.6M
- Total deposits at the time
- $71.9M
- Estimated loss to the insurance fund
- $1.6M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Avondale FSB
Context
On February 9, 1981, the FDIC provided open-bank assistance to Franklin Sa, headquartered in Chicago, IL. The institution continued operating. At the time it held approximately $97.6M in assets and $71.9M in deposits. The FDIC record names Avondale FSB as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $1.6M.
The FDIC record for 1981 holds 9 failures and 31 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 Franklin Sa?
Franklin Sa received FDIC open-bank assistance on February 9, 1981; it did not fail.
How big was Franklin Sa at the time of assistance?
Franklin Sa had approximately $97.6M in total assets and $71.9M in deposits at the time of assistance.
Bank failures in 1981
| Date | Bank | Assets |
|---|---|---|
| Oct 30, 1981 | Midtown National Bank | $10.6M |
| Oct 23, 1981 | High Lakes Community Bank | $3.7M |
| Sep 25, 1981 | Southwestern Bank | $5.3M |
| Sep 8, 1981 | First FS&LA of Rochester | $1.20B |
| Jun 19, 1981 | Northwest Commerce Bank | $6.7M |
| May 18, 1981 | Economy S&LA | $73.9M |
| Mar 17, 1981 | Peoples Banking Company | $8.4M |
| Mar 14, 1981 | The Des Plaines Bank | $46.5M |
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