Data / Bank failures / 1987 / Argo FS&LA
Argo FS&LA, Summit, IL: received FDIC assistance November 17, 1987
Argo FS&LA in Summit, Illinois, received open bank assistance from the FDIC on November 17, 1987. It held $25.6 million in assets and $29.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3.6 million (14% of its assets). By assets it was the 122nd largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- November 17, 1987
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Argo S&LA Fed S&L Associati, Summit, IL
- Total assets
- $25,566,000
- Total deposits
- $29,665,000
- Estimated cost to the FDIC
- $3,574,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 28921
Other bank failures in Illinois, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Arlington Heights Savings Assoc. | Arlington Heights | December 7, 1989 | $509.1 million | $400.7 million | $14,920 | Citibank FSB |
| Crest Federal S & L | Kankakee | November 9, 1989 | $137.1 million | $133.2 million | $22.4 million | |
| Fidelity Federal Savings Assoc. | Galesburg | November 9, 1989 | $393.8 million | $361.6 million | $46.6 million | First Bank, A SB |
| Citizens S & La of Springfield | Springfield | September 7, 1989 | $89.3 million | $78.5 million | $5,621 | Magna Bank of Springfield |
| Heritage Savings Assoc. | Jerseyville | August 24, 1989 | $32.9 million | $27.7 million | $1,072 | Carrollton B&TC |
| Security Fed. S & L Assoc. | Peoria | August 17, 1989 | $318.3 million | $231.3 million | $23.5 million | First Financial Bank, FSB |
| Black Hawk S & L Assoc. | Rock Island | August 17, 1989 | $71.8 million | $68.3 million | $1.8 million | American Bank of Rock Islan |
| Peoples S & L Assoc. | Streator | July 20, 1989 | $46.3 million | $47.3 million | $19.7 million |
All bank failures in 1987 · All bank failures in Illinois · 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.