FDIC Open-Bank Assistance
The State S&L Co.
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Assistance provided June 27, 1986 · Euclid, OH · FDIC Cert #28491.
- Assistance date
- June 27, 1986
- Headquarters
- Euclid, OH
- FDIC Certificate
- 28491
- Total assets at the time
- $381.7M
- Total deposits at the time
- $401.8M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $176K is not consistent with a failure of this size)
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- First Nationwide SVG FS&LA
Context
On June 27, 1986, the FDIC provided open-bank assistance to The State S&L Co., headquartered in Euclid, OH. The institution continued operating. At the time it held approximately $381.7M in assets and $401.8M in deposits. The FDIC record names First Nationwide SVG FS&LA as the acquiring institution in the assisted transaction.
The FDIC record for 1986 holds 162 failures and 42 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 The State S&L Co.?
The State S&L Co. received FDIC open-bank assistance on June 27, 1986; it did not fail.
How big was The State S&L Co. at the time of assistance?
The State S&L Co. had approximately $381.7M in total assets and $401.8M in deposits at the time of assistance.
Bank 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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