FDIC Open-Bank Assistance
Ninth Federal Savings
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Assistance provided March 9, 1982 · New York, NY · FDIC Cert #29409.
- Assistance date
- March 9, 1982
- Headquarters
- New York, NY
- FDIC Certificate
- 29409
- Total assets at the time
- $477.5M
- Total deposits at the time
- $241.5M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this transaction)
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- First FS&LA of Rochester
Context
On March 9, 1982, the FDIC provided open-bank assistance to Ninth Federal Savings, headquartered in New York, NY. The institution continued operating. At the time it held approximately $477.5M in assets and $241.5M in deposits. The FDIC record names First FS&LA of Rochester 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 Ninth Federal Savings?
Ninth Federal Savings received FDIC open-bank assistance on March 9, 1982; it did not fail.
How big was Ninth Federal Savings at the time of assistance?
Ninth Federal Savings had approximately $477.5M in total assets and $241.5M 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 |
Explore: all failures · NY bank events · 1982 events · events hub