Bank Failure
Valley First FS&LA
BankRegReports is independent of Valley First FS&LA and never asks for online banking logins or passwords.
Closed January 14, 1983 · El Centro, CA · FDIC Cert #31620.
- Closing date
- January 14, 1983
- Headquarters
- El Centro, CA
- FDIC Certificate
- 31620
- Total assets at closing
- $37.1M
- Total deposits at closing
- $33.7M
- Estimated loss to the insurance fund
- -$7.4M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Home FS&LA
Context
On January 14, 1983, regulators closed Valley First FS&LA, headquartered in El Centro, CA. At closing, the institution held approximately $37.1M in assets and $33.7M in deposits. The FDIC record names Home FS&LA as the acquiring institution in the resolution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately -$7.4M.
By assets at closing this is the 1869th largest of the 3,526 bank failures in the FDIC record, and the 17th of 50 in 1983. 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 Valley First FS&LA fail?
Valley First FS&LA was closed by regulators on January 14, 1983.
Who acquired Valley First FS&LA?
The FDIC record names Home FS&LA as the acquiring institution in the resolution of Valley First FS&LA.
How big was Valley First FS&LA when it failed?
Valley First FS&LA had approximately $37.1M in total assets and $33.7M in deposits at the time of failure.
Other failures in 1983
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1983 | The Bank of Red Oak | $11.1M |
| Dec 13, 1983 | Bank of Hackleburg | $6.5M |
| Dec 9, 1983 | Union Trust Company | $30.6M |
| Dec 2, 1983 | Metro FS&LA | $27.4M |
| Nov 25, 1983 | Atkinson Trust & Savings Bank | $21.1M |
| Nov 11, 1983 | First Nat BK of Browning | $13.7M |
| Nov 3, 1983 | State of Clovis, Sa | $30.9M |
| Oct 28, 1983 | Cleveland Community Savings Co. | $21.0M |
Explore: all failures · CA bank events · 1983 events · events hub