FDIC Open-Bank Assistance
Northern Virginia S&LA
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Assistance provided May 2, 1985 · Arlington, VA · FDIC Cert #30728.
- Assistance date
- May 2, 1985
- Headquarters
- Arlington, VA
- FDIC Certificate
- 30728
- Total assets at the time
- $237.2M
- Total deposits at the time
- $240.6M
- Estimated loss to the insurance fund
- $18.9M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Northern Virginia S&LA a F.A.
Context
On May 2, 1985, the FDIC provided open-bank assistance to Northern Virginia S&LA, headquartered in Arlington, VA. The institution continued operating. At the time it held approximately $237.2M in assets and $240.6M 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 $18.9M.
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 Northern Virginia S&LA?
Northern Virginia S&LA received FDIC open-bank assistance on May 2, 1985; it did not fail.
How big was Northern Virginia S&LA at the time of assistance?
Northern Virginia S&LA had approximately $237.2M in total assets and $240.6M 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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