Bank Failure
Sierra FS&LA
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Closed August 9, 1985 · Denver, CO · FDIC Cert #31906.
- Closing date
- August 9, 1985
- Headquarters
- Denver, CO
- FDIC Certificate
- 31906
- Total assets at closing
- $48.4M
- Total deposits at closing
- $81.5M
- Estimated loss to the insurance fund
- $56.3M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Commercial FS&LA
Context
On August 9, 1985, regulators closed Sierra FS&LA, headquartered in Denver, CO. At closing, the institution held approximately $48.4M in assets and $81.5M in deposits. The FDIC record names Commercial FS&LA as the acquiring institution in the resolution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $56.3M.
By assets at closing this is the 1685th largest of the 3,526 bank failures in the FDIC record, and the 30th of 139 in 1985. 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 Sierra FS&LA fail?
Sierra FS&LA was closed by regulators on August 9, 1985.
Who acquired Sierra FS&LA?
The FDIC record names Commercial FS&LA as the acquiring institution in the resolution of Sierra FS&LA.
How big was Sierra FS&LA when it failed?
Sierra FS&LA had approximately $48.4M in total assets and $81.5M in deposits at the time of failure.
Other 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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