FDIC Open-Bank Assistance
Sun S&LA
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Assistance provided October 4, 1985 · Portland, ME · FDIC Cert #28422.
- Assistance date
- October 4, 1985
- Headquarters
- Portland, ME
- FDIC Certificate
- 28422
- Total assets at the time
- $231.9M
- Total deposits at the time
- $177.1M
- Estimated loss to the insurance fund
- $17.5M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Sun Savings&loan Assn
Context
On October 4, 1985, the FDIC provided open-bank assistance to Sun S&LA, headquartered in Portland, ME. The institution continued operating. At the time it held approximately $231.9M in assets and $177.1M in deposits. The FDIC record names Sun Savings&loan Assn as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $17.5M.
The FDIC record for 1985 holds 139 failures and 41 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 Sun S&LA?
Sun S&LA received FDIC open-bank assistance on October 4, 1985; it did not fail.
How big was Sun S&LA at the time of assistance?
Sun S&LA had approximately $231.9M in total assets and $177.1M in deposits at the time of assistance.
Bank 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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