FDIC Open-Bank Assistance
Mechanics Savings Bank
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Assistance provided October 15, 1982 · Elmira, NY · FDIC Cert #15931.
- Assistance date
- October 15, 1982
- Headquarters
- Elmira, NY
- FDIC Certificate
- 15931
- Total assets at the time
- $55.3M
- Total deposits at the time
- $50.6M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this transaction)
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Syracuse Savings Bank
Context
On October 15, 1982, the FDIC provided open-bank assistance to Mechanics Savings Bank, headquartered in Elmira, NY. The institution continued operating. At the time it held approximately $55.3M in assets and $50.6M in deposits. The FDIC record names Syracuse Savings Bank as the acquiring institution in the assisted transaction.
The FDIC record for 1982 holds 34 failures and 85 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 Mechanics Savings Bank?
Mechanics Savings Bank received FDIC open-bank assistance on October 15, 1982; it did not fail.
How big was Mechanics Savings Bank at the time of assistance?
Mechanics Savings Bank had approximately $55.3M in total assets and $50.6M in deposits at the time of assistance.
Bank failures in 1982
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1982 | The Security State Bank | $11.6M |
| Dec 10, 1982 | Bollinger County Bank | $15.9M |
| Nov 19, 1982 | North Kansas Sa | $36.5M |
| Nov 19, 1982 | Ranchlander National Bank | $4.3M |
| Nov 12, 1982 | Bank of Quitman | $17.4M |
| Nov 5, 1982 | The First National Bank of South Charlesto | $28.6M |
| Nov 5, 1982 | Texas BK of Amarillo | $13.1M |
| Nov 2, 1982 | Cedar Bluff Bank | $13.7M |
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