FDIC Open-Bank Assistance
Magnet Bank FSB
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Assistance provided February 10, 1988 · Charleston, WV · FDIC Cert #29257.
- Assistance date
- February 10, 1988
- Headquarters
- Charleston, WV
- FDIC Certificate
- 29257
- Total assets at the time
- $547.1M
- Total deposits at the time
- $418.8M
- Estimated loss to the insurance fund
- $115.9M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Traders FS&LA
Context
On February 10, 1988, the FDIC provided open-bank assistance to Magnet Bank FSB, headquartered in Charleston, WV. The institution continued operating. At the time it held approximately $547.1M in assets and $418.8M in deposits. The FDIC record names Traders FS&LA as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $115.9M.
The FDIC record for 1988 holds 232 failures and 238 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 Magnet Bank FSB?
Magnet Bank FSB received FDIC open-bank assistance on February 10, 1988; it did not fail.
How big was Magnet Bank FSB at the time of assistance?
Magnet Bank FSB had approximately $547.1M in total assets and $418.8M in deposits at the time of assistance.
Bank failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
Explore: all failures · WV bank events · 1988 events · events hub