FDIC Open-Bank Assistance
Surety FS&LA
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Assistance provided December 11, 1987 · Morganton, NC · FDIC Cert #30411.
- Assistance date
- December 11, 1987
- Headquarters
- Morganton, NC
- FDIC Certificate
- 30411
- Total assets at the time
- $124.9M
- Total deposits at the time
- $111.5M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this transaction)
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Surety FS&LA FSA
Context
On December 11, 1987, the FDIC provided open-bank assistance to Surety FS&LA, headquartered in Morganton, NC. The institution continued operating. At the time it held approximately $124.9M in assets and $111.5M in deposits. The assistance went to the bank itself; no other institution acquired it.
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 Surety FS&LA?
Surety FS&LA received FDIC open-bank assistance on December 11, 1987; it did not fail.
How big was Surety FS&LA at the time of assistance?
Surety FS&LA had approximately $124.9M in total assets and $111.5M 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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