FDIC Open-Bank Assistance
Glen Ellyn S&LA
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Assistance provided September 20, 1985 · Glen Ellyn, IL · FDIC Cert #30916.
- Assistance date
- September 20, 1985
- Headquarters
- Glen Ellyn, IL
- FDIC Certificate
- 30916
- Total assets at the time
- $122.1M
- Total deposits at the time
- $101.1M
- Estimated loss to the insurance fund
- $18.5M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Citicorp Savings of Illinoi
Context
On September 20, 1985, the FDIC provided open-bank assistance to Glen Ellyn S&LA, headquartered in Glen Ellyn, IL. The institution continued operating. At the time it held approximately $122.1M in assets and $101.1M in deposits. The FDIC record names Citicorp Savings of Illinoi as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $18.5M.
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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did the FDIC provide assistance to Glen Ellyn S&LA?
Glen Ellyn S&LA received FDIC open-bank assistance on September 20, 1985; it did not fail.
How big was Glen Ellyn S&LA at the time of assistance?
Glen Ellyn S&LA had approximately $122.1M in total assets and $101.1M 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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