FDIC Open-Bank Assistance
Valley Federal Savings and Loan
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Assistance provided April 12, 1988 · Erwin, TN · FDIC Cert #27866.
- Assistance date
- April 12, 1988
- Headquarters
- Erwin, TN
- FDIC Certificate
- 27866
- Total assets at the time
- $80.5M
- Total deposits at the time
- $90.3M
- Estimated loss to the insurance fund
- $7.2M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Home FS&LA of Upper East TN
Context
On April 12, 1988, the FDIC provided open-bank assistance to Valley Federal Savings and Loan, headquartered in Erwin, TN. The institution continued operating. At the time it held approximately $80.5M in assets and $90.3M in deposits. The FDIC record names Home FS&LA of Upper East TN as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $7.2M.
The FDIC record for 1988 holds 232 failures and 238 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 Valley Federal Savings and Loan?
Valley Federal Savings and Loan received FDIC open-bank assistance on April 12, 1988; it did not fail.
How big was Valley Federal Savings and Loan at the time of assistance?
Valley Federal Savings and Loan had approximately $80.5M in total assets and $90.3M in deposits at the time of assistance.
Bank 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 |
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