FDIC Open-Bank Assistance
Metropolitan Sa
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Assistance provided February 12, 1983 · Farmington, MI · FDIC Cert #30558.
- Assistance date
- February 12, 1983
- Headquarters
- Farmington, MI
- FDIC Certificate
- 30558
- Total assets at the time
- $395.9M
- Total deposits at the time
- $254.0M
- Estimated loss to the insurance fund
- $1.5M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Empire of America, FSA
Context
On February 12, 1983, the FDIC provided open-bank assistance to Metropolitan Sa, headquartered in Farmington, MI. The institution continued operating. At the time it held approximately $395.9M in assets and $254.0M in deposits. The FDIC record names Empire of America, FSA as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $1.5M.
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 Metropolitan Sa?
Metropolitan Sa received FDIC open-bank assistance on February 12, 1983; it did not fail.
How big was Metropolitan Sa at the time of assistance?
Metropolitan Sa had approximately $395.9M in total assets and $254.0M 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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