Bank Failure
Peoples S&LA
Closed September 23, 1988 · La Grande, OR · FDIC Cert #32005.
- Closing date
- September 23, 1988
- Headquarters
- La Grande, OR
- FDIC Certificate
- 32005
- Total assets at closing
- $22.5M
- Total deposits at closing
- $19.8M
- Estimated loss to DIF
- $19.3M
- Resolution
- Failure (closed by regulators)
Context
On September 23, 1988, regulators closed Peoples S&LA, headquartered in La Grande, OR. At closing, the institution held approximately $22.5M in assets and $19.8M in deposits. The FDIC resolved the institution without a single-acquirer transaction. The estimated cost to the FDIC Deposit Insurance Fund was approximately $19.3M.
By assets at closing this is the 2249th largest of the 3,524 bank failures in the FDIC record, and the 144th of 232 in 1988. 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 Peoples S&LA fail?
Peoples S&LA was closed by regulators on September 23, 1988.
How big was Peoples S&LA when it failed?
Peoples S&LA had approximately $22.5M in total assets and $19.8M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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