The Graveyard › Banks › 1988

Magnet Bank, F. S. B.

Charleston · assisted February 10, 1988 · FDIC certificate 29257

Magnet Bank, F. S. B. of Charleston was given assistance by the FSLIC on February 10, 1988. The FDIC's list records an assistance transaction, not a closing. It opened on December 7, 1934, 53 years before. At its last report before that it held $547.1 million in assets and $418.8 million in deposits. At its largest in the FDIC's quarterly reports, on June 30, 1985, it held $704.9 million. The FDIC estimates that the FSLIC's fund lost $115.9 million on it.

1984-031987-12

Assets at the end$547.1 millionlast report before February 10, 1988

Deposits at the end$418.8 million

Estimated loss to the fund$115.9 millionFSLIC

Largest in the quarterly reports$704.9 millionJune 30, 1985

Equity to assets0.1%December 31, 1987

Loans not being repaid10.9%noncurrent, December 31, 1987

Return on assets-2.80%a year's rate, December 31, 1987

On the FDIC's list: MAGNET BANK FSB.

Could you have seen it coming? Play Black Monday

Also ended in 1988

American S&LA · Stockton · $30.2 billion in assets · assisted
First Republicbank-Dallas, N.A. · Dallas, TX · $17.1 billion in assets
Gibraltar SA · Houston · $6.5 billion in assets · assisted
United Savings Association of Texas · Houston · $4.6 billion in assets · assisted
First City, Texas - Houston, NA · Houston · $4.4 billion in assets · assisted
First Texas Savings Association · Dallas · $3.1 billion in assets · assisted

History, not advice.

Source: Federal Deposit Insurance Corporation, BankFind Suite API. Source values and institutional identifiers are retained; formatting and normalization by Underfolio. No FDIC endorsement is implied. How these numbers are made · Report a data issue.