FDIC Open-Bank Assistance
Suburban S&LA
BankRegReports is independent of Suburban S&LA and never asks for online banking logins or passwords.
Assistance provided August 31, 1983 · Wayne, NJ · FDIC Cert #28881.
- Assistance date
- August 31, 1983
- Headquarters
- Wayne, NJ
- FDIC Certificate
- 28881
- Total assets at the time
- $2.02B
- Total deposits at the time
- $1.75B
- Estimated loss to the insurance fund
- $60.0M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Anchor SB FSB NJ
Context
On August 31, 1983, the FDIC provided open-bank assistance to Suburban S&LA, headquartered in Wayne, NJ. The institution continued operating. At the time it held approximately $2.02B in assets and $1.75B in deposits. The FDIC record names Anchor SB FSB NJ as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $60.0M.
The FDIC record for 1983 holds 50 failures and 49 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 Suburban S&LA?
Suburban S&LA received FDIC open-bank assistance on August 31, 1983; it did not fail.
How big was Suburban S&LA at the time of assistance?
Suburban S&LA had approximately $2.02B in total assets and $1.75B in deposits at the time of assistance.
Bank failures in 1983
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1983 | The Bank of Red Oak | $11.1M |
| Dec 13, 1983 | Bank of Hackleburg | $6.5M |
| Dec 9, 1983 | Union Trust Company | $30.6M |
| Dec 2, 1983 | Metro FS&LA | $27.4M |
| Nov 25, 1983 | Atkinson Trust & Savings Bank | $21.1M |
| Nov 11, 1983 | First Nat BK of Browning | $13.7M |
| Nov 3, 1983 | State of Clovis, Sa | $30.9M |
| Oct 28, 1983 | Cleveland Community Savings Co. | $21.0M |
Explore: all failures · NJ bank events · 1983 events · events hub