Data / Bank failures / 1988 / Bloomfield S&LA
Bloomfield S&LA, Birmingham, MI: received FDIC assistance December 16, 1988
Bloomfield S&LA in Birmingham, Michigan, received open bank assistance from the FDIC on December 16, 1988. It held $688.7 million in assets and $607.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $119.6 million (17.4% of its assets). By assets it was the 31st largest of 470 banks closed or assisted in 1988.
SpecStream is the live web data engine for teams and agents. It reads the FDIC failed bank data every morning, and this page is that reading. Ask for the banks you follow and each new closure arrives in your sheet, CRM, Slack or agent as the FDIC announces it.
The FDIC's record
- Closed
- December 16, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- First Nationwide Bank A FSB, San Francisco, CA
- Total assets
- $688,676,000
- Total deposits
- $607,435,000
- Estimated cost to the FDIC
- $119,568,400 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 32147
Other bank failures in Michigan, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| New Guaranty Fed. S & L Assoc. | Taylor | July 27, 1989 | $212.5 million | $192.5 million | $7.9 million | National Bank of Detroit |
| Peoples Savings Assoc. | ST. Joseph | March 9, 1989 | $107.3 million | $109.4 million | $4,851 | Peoples SB |
| First Dearborn (assistance) | Dearborn | December 16, 1988 | $167.3 million | $230.5 million | $78.7 million | First Nationwide Bank A FSB |
| Muskegon FS&LA (assistance) | Muskegon | June 2, 1988 | $204.6 million | $196 million | $2 million | Muskegon FS&LA |
| The First State Bank | White Cloud | February 12, 1988 | $36.4 million | $37.4 million | $10.5 million | Peoples STB of ST Joseph |
| Family FS&LA (assistance) | Saginaw | October 31, 1986 | $338.9 million | $354.9 million | $17.2 million | Heritage FSB |
Other failed banks First Nationwide Bank A FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| First Dearborn (assistance) | Dearborn | MI | December 16, 1988 | $167.3 million | $230.5 million | $78.7 million | First Nationwide Bank A FSB |
| ST. Louis FS&LA (assistance) | Clayton | MO | December 22, 1986 | $955.4 million | $963.2 million | $75.1 million | First Nationwide Bank A FSB |
All bank failures in 1988 · All bank failures in Michigan · Every failed bank First Nationwide Bank A FSB took over · 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.