Bank Failure
Universal S&LA
BankRegReports is independent of Universal S&LA and never asks for online banking logins or passwords.
Closed May 24, 1988 · Scottsdale, AZ · FDIC Cert #32034.
- Closing date
- May 24, 1988
- Headquarters
- Scottsdale, AZ
- FDIC Certificate
- 32034
- Total assets at closing
- $116.8M
- Total deposits at closing
- $114.8M
- 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 May 24, 1988, regulators closed Universal S&LA, headquartered in Scottsdale, AZ. At closing, the institution held approximately $116.8M in assets and $114.8M in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 1105th largest of the 3,526 bank failures in the FDIC record, and the 58th of 232 in 1988. 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 Universal S&LA fail?
Universal S&LA was closed by regulators on May 24, 1988.
How big was Universal S&LA when it failed?
Universal S&LA had approximately $116.8M in total assets and $114.8M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
Explore: all failures · AZ bank events · 1988 events · events hub