FDIC Open-Bank Assistance
Middle Pnsla Nrth. Neck FS&LA
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Assistance provided August 5, 1983 · Gloucester, VA · FDIC Cert #31603.
- Assistance date
- August 5, 1983
- Headquarters
- Gloucester, VA
- FDIC Certificate
- 31603
- Total assets at the time
- $44.7M
- Total deposits at the time
- $41.9M
- Estimated loss to the insurance fund
- $4.3M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- First Florida FSB
Context
On August 5, 1983, the FDIC provided open-bank assistance to Middle Pnsla Nrth. Neck FS&LA, headquartered in Gloucester, VA. The institution continued operating. At the time it held approximately $44.7M in assets and $41.9M in deposits. The FDIC record names First Florida FSB as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $4.3M.
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 Middle Pnsla Nrth. Neck FS&LA?
Middle Pnsla Nrth. Neck FS&LA received FDIC open-bank assistance on August 5, 1983; it did not fail.
How big was Middle Pnsla Nrth. Neck FS&LA at the time of assistance?
Middle Pnsla Nrth. Neck FS&LA had approximately $44.7M in total assets and $41.9M 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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