FDIC Open-Bank Assistance
The Western Saving Fund Society of Philade
BankRegReports is independent of The Western Saving Fund Society of Philade and never asks for online banking logins or passwords.
Assistance provided April 2, 1982 · Philadelphia, PA · FDIC Cert #15698.
- Assistance date
- April 2, 1982
- Headquarters
- Philadelphia, PA
- FDIC Certificate
- 15698
- Total assets at the time
- $2.13B
- Total deposits at the time
- $1.97B
- Estimated loss to the insurance fund
- $29.3M
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Philadelphia SVG Fund Socie
Context
On April 2, 1982, the FDIC provided open-bank assistance to The Western Saving Fund Society of Philade, headquartered in Philadelphia, PA. The institution continued operating. At the time it held approximately $2.13B in assets and $1.97B in deposits. The FDIC record names Philadelphia SVG Fund Socie as the acquiring institution in the assisted transaction. The estimated cost to the FDIC insurance fund was approximately $29.3M.
The FDIC record for 1982 holds 34 failures and 85 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 Western Saving Fund Society of Philade?
The Western Saving Fund Society of Philade received FDIC open-bank assistance on April 2, 1982; it did not fail.
How big was The Western Saving Fund Society of Philade at the time of assistance?
The Western Saving Fund Society of Philade had approximately $2.13B in total assets and $1.97B in deposits at the time of assistance.
Bank failures in 1982
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1982 | The Security State Bank | $11.6M |
| Dec 10, 1982 | Bollinger County Bank | $15.9M |
| Nov 19, 1982 | North Kansas Sa | $36.5M |
| Nov 19, 1982 | Ranchlander National Bank | $4.3M |
| Nov 12, 1982 | Bank of Quitman | $17.4M |
| Nov 5, 1982 | The First National Bank of South Charlesto | $28.6M |
| Nov 5, 1982 | Texas BK of Amarillo | $13.1M |
| Nov 2, 1982 | Cedar Bluff Bank | $13.7M |
Explore: all failures · PA bank events · Bank failures in Pennsylvania · 1982 events · events hub