FDIC Open-Bank Assistance
Washington First FS&LA
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Assistance provided April 30, 1986 · St. Louis, MO · FDIC Cert #28563.
- Assistance date
- April 30, 1986
- Headquarters
- St. Louis, MO
- FDIC Certificate
- 28563
- Total assets at the time
- $57.5M
- Total deposits at the time
- $60.1M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $1K is not consistent with a failure of this size)
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Germania F.A.
Context
On April 30, 1986, the FDIC provided open-bank assistance to Washington First FS&LA, headquartered in St. Louis, MO. The institution continued operating. At the time it held approximately $57.5M in assets and $60.1M in deposits. The FDIC record names Germania F.A. as the acquiring institution in the assisted transaction.
The FDIC record for 1986 holds 162 failures and 42 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 Washington First FS&LA?
Washington First FS&LA received FDIC open-bank assistance on April 30, 1986; it did not fail.
How big was Washington First FS&LA at the time of assistance?
Washington First FS&LA had approximately $57.5M in total assets and $60.1M in deposits at the time of assistance.
Bank failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
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