FDIC Open-Bank Assistance
Syracuse Savings Bank
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Assistance provided May 13, 1987 · Syracuse, NY · FDIC Cert #16043.
- Assistance date
- May 13, 1987
- Headquarters
- Syracuse, NY
- FDIC Certificate
- 16043
- Total assets at the time
- $1.18B
- Total deposits at the time
- $1.10B
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this transaction)
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Syracuse Savings Bank
Context
On May 13, 1987, the FDIC provided open-bank assistance to Syracuse Savings Bank, headquartered in Syracuse, NY. The institution continued operating. At the time it held approximately $1.18B in assets and $1.10B 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 Syracuse Savings Bank?
Syracuse Savings Bank received FDIC open-bank assistance on May 13, 1987; it did not fail.
How big was Syracuse Savings Bank at the time of assistance?
Syracuse Savings Bank had approximately $1.18B in total assets and $1.10B 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 |
Explore: all failures · NY bank events · 1987 events · events hub