FDIC Open-Bank Assistance
Midland FS&LA
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Assistance provided December 2, 1985 · Moorhead, MN · FDIC Cert #30731.
- Assistance date
- December 2, 1985
- Headquarters
- Moorhead, MN
- FDIC Certificate
- 30731
- Total assets at the time
- $38.0M
- Total deposits at the time
- $40.9M
- Estimated loss to the insurance fund
- $48.9M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Midland FS&LA
Context
On December 2, 1985, the FDIC provided open-bank assistance to Midland FS&LA, headquartered in Moorhead, MN. The institution continued operating. At the time it held approximately $38.0M in assets and $40.9M in deposits. The assistance went to the bank itself; no other institution acquired it. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $48.9M.
The FDIC record for 1985 holds 139 failures and 41 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 Midland FS&LA?
Midland FS&LA received FDIC open-bank assistance on December 2, 1985; it did not fail.
How big was Midland FS&LA at the time of assistance?
Midland FS&LA had approximately $38.0M in total assets and $40.9M in deposits at the time of assistance.
Bank failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
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