Bank Failure
Union Mutual S&LA
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Closed January 27, 1984 · Richmond, VA · FDIC Cert #31584.
- Closing date
- January 27, 1984
- Headquarters
- Richmond, VA
- FDIC Certificate
- 31584
- Total assets at closing
- $8.6M
- Total deposits at closing
- $7.9M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
Context
On January 27, 1984, regulators closed Union Mutual S&LA, headquartered in Richmond, VA. At closing, the institution held approximately $8.6M in assets and $7.9M in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 2839th largest of the 3,526 bank failures in the FDIC record, and the 68th of 83 in 1984. 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 Union Mutual S&LA fail?
Union Mutual S&LA was closed by regulators on January 27, 1984.
How big was Union Mutual S&LA when it failed?
Union Mutual S&LA had approximately $8.6M in total assets and $7.9M in deposits at the time of failure.
Other failures in 1984
| Date | Bank | Assets |
|---|---|---|
| Dec 22, 1984 | First Security Bank | $13.4M |
| Dec 20, 1984 | The Farmers State Bank | $14.6M |
| Dec 18, 1984 | Uehling State Bank | $4.2M |
| Dec 11, 1984 | University Bank of Wichita | $4.7M |
| Dec 7, 1984 | San Marino S&LA | $856.8M |
| Dec 7, 1984 | Farmers State BK of Holyoke | $3.9M |
| Dec 4, 1984 | Golden Spike State Bank | $7.8M |
| Nov 30, 1984 | The Dayton BK & TR Co. | $51.4M |
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