Bank Failure
Vernon S&LA
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Closed March 20, 1987 · Vernon, TX · FDIC Cert #31171.
- Closing date
- March 20, 1987
- Headquarters
- Vernon, TX
- FDIC Certificate
- 31171
- Total assets at closing
- $1.35B
- Total deposits at closing
- $1.58B
- Estimated loss to the insurance fund
- $1.06B
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Montfort Savings Associatio
Context
On March 20, 1987, regulators closed Vernon S&LA, headquartered in Vernon, TX. At closing, the institution held approximately $1.35B in assets and $1.58B in deposits. The FDIC record names Montfort Savings Associatio as the acquiring institution in the resolution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $1.06B.
By assets at closing this is the 166th largest of the 3,526 bank failures in the FDIC record, and the 2nd of 217 in 1987. 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 Vernon S&LA fail?
Vernon S&LA was closed by regulators on March 20, 1987.
Who acquired Vernon S&LA?
The FDIC record names Montfort Savings Associatio as the acquiring institution in the resolution of Vernon S&LA.
How big was Vernon S&LA when it failed?
Vernon S&LA had approximately $1.35B in total assets and $1.58B in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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