FDIC Open-Bank Assistance
Magic Valley S&LA
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Assistance provided January 16, 1987 · Weslaco, TX · FDIC Cert #31598.
- Assistance date
- January 16, 1987
- Headquarters
- Weslaco, TX
- FDIC Certificate
- 31598
- Total assets at the time
- $103.4M
- Total deposits at the time
- $116.5M
- Estimated loss to the insurance fund
- $160.5M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- San Antonio FSB
Context
On January 16, 1987, the FDIC provided open-bank assistance to Magic Valley S&LA, headquartered in Weslaco, TX. The institution continued operating. At the time it held approximately $103.4M in assets and $116.5M in deposits. The FDIC record names San Antonio FSB as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $160.5M.
The FDIC record for 1987 holds 217 failures and 45 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 Magic Valley S&LA?
Magic Valley S&LA received FDIC open-bank assistance on January 16, 1987; it did not fail.
How big was Magic Valley S&LA at the time of assistance?
Magic Valley S&LA had approximately $103.4M in total assets and $116.5M in deposits at the time of assistance.
Bank 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 |
Explore: all failures · TX bank events · 1987 events · events hub