FDIC Open-Bank Assistance
Rhode Island FS&LA
BankRegReports is independent of Rhode Island FS&LA and never asks for online banking logins or passwords.
Assistance provided September 1, 1984 · Providence, RI · FDIC Cert #29892.
- Assistance date
- September 1, 1984
- Headquarters
- Providence, RI
- FDIC Certificate
- 29892
- Total assets at the time
- $130.3M
- Total deposits at the time
- $124.4M
- Estimated loss to the insurance fund
- $9.6M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Old Stone Bank FSB
Context
On September 1, 1984, the FDIC provided open-bank assistance to Rhode Island FS&LA, headquartered in Providence, RI. The institution continued operating. At the time it held approximately $130.3M in assets and $124.4M in deposits. The FDIC record names Old Stone Bank FSB as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $9.6M.
The FDIC record for 1984 holds 83 failures and 23 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 Rhode Island FS&LA?
Rhode Island FS&LA received FDIC open-bank assistance on September 1, 1984; it did not fail.
How big was Rhode Island FS&LA at the time of assistance?
Rhode Island FS&LA had approximately $130.3M in total assets and $124.4M in deposits at the time of assistance.
Bank failures in 1984
| Date | Bank | Assets |
|---|---|---|
| Dec 22, 1984 | First Security Bank | $13.4M |
| Dec 20, 1984 | The Farmers State Bank | $14.6M |
| Dec 18, 1984 | Uehling State Bank | $4.2M |
| Dec 11, 1984 | University Bank of Wichita | $4.7M |
| Dec 7, 1984 | San Marino S&LA | $856.8M |
| Dec 7, 1984 | Farmers State BK of Holyoke | $3.9M |
| Dec 4, 1984 | Golden Spike State Bank | $7.8M |
| Nov 30, 1984 | The Dayton BK & TR Co. | $51.4M |
Explore: all failures · RI bank events · Bank failures in Rhode Island · 1984 events · events hub