Bank Failure
Summit S&LA
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Closed April 16, 1986 · Park City, UT · FDIC Cert #31989.
- Closing date
- April 16, 1986
- Headquarters
- Park City, UT
- FDIC Certificate
- 31989
- Total assets at closing
- $210.7M
- Total deposits at closing
- $180.7M
- Estimated loss to the insurance fund
- $46.1M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
Context
On April 16, 1986, regulators closed Summit S&LA, headquartered in Park City, UT. At closing, the institution held approximately $210.7M in assets and $180.7M 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 $46.1M.
By assets at closing this is the 750th largest of the 3,526 bank failures in the FDIC record, and the 11th of 162 in 1986. 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 Summit S&LA fail?
Summit S&LA was closed by regulators on April 16, 1986.
How big was Summit S&LA when it failed?
Summit S&LA had approximately $210.7M in total assets and $180.7M in deposits at the time of failure.
Other failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
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