Bank Failure
Sierra S&LA
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Closed October 23, 1987 · Gardnerville, NV · FDIC Cert #31962.
- Closing date
- October 23, 1987
- Headquarters
- Gardnerville, NV
- FDIC Certificate
- 31962
- Total assets at closing
- $12.1M
- Total deposits at closing
- $12.8M
- Estimated loss to the insurance fund
- $564K
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
Context
On October 23, 1987, regulators closed Sierra S&LA, headquartered in Gardnerville, NV. At closing, the institution held approximately $12.1M in assets and $12.8M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $564K.
By assets at closing this is the 2681st largest of the 3,526 bank failures in the FDIC record, and the 159th of 217 in 1987. 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 S&LA fail?
Sierra S&LA was closed by regulators on October 23, 1987.
How big was Sierra S&LA when it failed?
Sierra S&LA had approximately $12.1M in total assets and $12.8M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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