FDIC Open-Bank Assistance
Gary FS&LA
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Assistance provided August 31, 1983 · Gary, IN · FDIC Cert #29651.
- Assistance date
- August 31, 1983
- Headquarters
- Gary, IN
- FDIC Certificate
- 29651
- Total assets at the time
- $15.2M
- Total deposits at the time
- $15.7M
- Estimated loss to the insurance fund
- $1.1M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Citizens FS&LA
Context
On August 31, 1983, the FDIC provided open-bank assistance to Gary FS&LA, headquartered in Gary, IN. The institution continued operating. At the time it held approximately $15.2M in assets and $15.7M in deposits. The FDIC record names Citizens FS&LA as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $1.1M.
The FDIC record for 1983 holds 50 failures and 49 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 Gary FS&LA?
Gary FS&LA received FDIC open-bank assistance on August 31, 1983; it did not fail.
How big was Gary FS&LA at the time of assistance?
Gary FS&LA had approximately $15.2M in total assets and $15.7M in deposits at the time of assistance.
Bank failures in 1983
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1983 | The Bank of Red Oak | $11.1M |
| Dec 13, 1983 | Bank of Hackleburg | $6.5M |
| Dec 9, 1983 | Union Trust Company | $30.6M |
| Dec 2, 1983 | Metro FS&LA | $27.4M |
| Nov 25, 1983 | Atkinson Trust & Savings Bank | $21.1M |
| Nov 11, 1983 | First Nat BK of Browning | $13.7M |
| Nov 3, 1983 | State of Clovis, Sa | $30.9M |
| Oct 28, 1983 | Cleveland Community Savings Co. | $21.0M |
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