FDIC Open-Bank Assistance
South Florida Savings Bank
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Assistance provided March 25, 1987 · Davie, FL · FDIC Cert #32050.
- Assistance date
- March 25, 1987
- Headquarters
- Davie, FL
- FDIC Certificate
- 32050
- Total assets at the time
- $172.0M
- Total deposits at the time
- $176.3M
- Estimated loss to the insurance fund
- $4.2M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- First FS&LA of Jacksonville
Context
On March 25, 1987, the FDIC provided open-bank assistance to South Florida Savings Bank, headquartered in Davie, FL. The institution continued operating. At the time it held approximately $172.0M in assets and $176.3M in deposits. The FDIC record names First FS&LA of Jacksonville as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $4.2M.
The FDIC record for 1987 holds 217 failures and 45 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 South Florida Savings Bank?
South Florida Savings Bank received FDIC open-bank assistance on March 25, 1987; it did not fail.
How big was South Florida Savings Bank at the time of assistance?
South Florida Savings Bank had approximately $172.0M in total assets and $176.3M in deposits at the time of assistance.
Bank 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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