FDIC Open-Bank Assistance
West Side FS&LA
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Assistance provided September 8, 1981 · New York, NY · FDIC Cert #28630.
- Assistance date
- September 8, 1981
- Headquarters
- New York, NY
- FDIC Certificate
- 28630
- Total assets at the time
- $2.50B
- Total deposits at the time
- $1.96B
- Estimated loss to the insurance fund
- $315.5M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Citizens Savings
Context
On September 8, 1981, the FDIC provided open-bank assistance to West Side FS&LA, headquartered in New York, NY. The institution continued operating. At the time it held approximately $2.50B in assets and $1.96B in deposits. The FDIC record names Citizens Savings as the acquiring institution in the assisted transaction. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $315.5M.
The FDIC record for 1981 holds 9 failures and 31 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 West Side FS&LA?
West Side FS&LA received FDIC open-bank assistance on September 8, 1981; it did not fail.
How big was West Side FS&LA at the time of assistance?
West Side FS&LA had approximately $2.50B in total assets and $1.96B in deposits at the time of assistance.
Bank failures in 1981
| Date | Bank | Assets |
|---|---|---|
| Oct 30, 1981 | Midtown National Bank | $10.6M |
| Oct 23, 1981 | High Lakes Community Bank | $3.7M |
| Sep 25, 1981 | Southwestern Bank | $5.3M |
| Sep 8, 1981 | First FS&LA of Rochester | $1.20B |
| Jun 19, 1981 | Northwest Commerce Bank | $6.7M |
| May 18, 1981 | Economy S&LA | $73.9M |
| Mar 17, 1981 | Peoples Banking Company | $8.4M |
| Mar 14, 1981 | The Des Plaines Bank | $46.5M |
Explore: all failures · NY bank events · 1981 events · events hub