Data / Bank failures / 1987 / American FS&LA
American FS&LA, Lynchburg, VA: received FDIC assistance December 31, 1987
American FS&LA in Lynchburg, Virginia, received open bank assistance from the FDIC on December 31, 1987. It held $166.5 million in assets and $196.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $44.5 million (26.7% of its assets). By assets it was the 35th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- December 31, 1987
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- First Federal of Roanoke, Roanoke, VA
- Total assets
- $166,519,000
- Total deposits
- $196,659,000
- Estimated cost to the FDIC
- $44,499,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 28544
Other bank failures in Virginia, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Atlantic Permanent Federal | Norfolk | December 8, 1989 | $581 million | $370.6 million | $79.9 million | |
| Atlantic National Bank | Norfolk | December 7, 1989 | $14.4 million | $13.7 million | $626,535 | New Atlantic Bank, National |
| Seasons Federal Savings Bank | Richmond | October 19, 1989 | $260.8 million | $213.7 million | $49.4 million | Crestar Bank |
| Peoples S & L Assoc. | Hampton | June 29, 1989 | $23.9 million | $24.3 million | $1.4 million | Consolidated B&TC |
| Community Fed. S & L Assoc. | Newport News | March 30, 1989 | $9.4 million | $10 million | $1.3 million | Consolidated B&TC |
| Virginia FS&LA (assistance) | Richmond | December 23, 1988 | $678.9 million | $517 million | $13.5 million | Virginia FSB |
| Ultimate Savings Bank | Richmond | September 16, 1988 | $206.5 million | $194.3 million | $34.9 million | |
| McLean S&LA (assistance) | McLean | July 8, 1988 | $318.9 million | $326.1 million | $88.9 million | NVR Federal Savings Bank |
All bank failures in 1987 · All bank failures in Virginia · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.