Bank Failure
Freedom S&LA
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Closed July 23, 1987 · Tampa, FL · FDIC Cert #28887.
- Closing date
- July 23, 1987
- Headquarters
- Tampa, FL
- FDIC Certificate
- 28887
- Total assets at closing
- $1.89B
- Total deposits at closing
- $1.24B
- 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 July 23, 1987, regulators closed Freedom S&LA, headquartered in Tampa, FL. At closing, the institution held approximately $1.89B in assets and $1.24B in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 119th largest of the 3,526 bank failures in the FDIC record, and the 1st of 217 in 1987. 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 Freedom S&LA fail?
Freedom S&LA was closed by regulators on July 23, 1987.
How big was Freedom S&LA when it failed?
Freedom S&LA had approximately $1.89B in total assets and $1.24B in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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