Data / Bank failures / 1985 / Citizens S&LA
Citizens S&LA, Salem, OR: failed December 4, 1985
Citizens S&LA in Salem, Oregon, failed on December 4, 1985. Freedom FS&LA of Corvallis, OR, took over its deposits. It held $239.7 million in assets and $153.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $85.2 million (35.6% of its assets). By assets it was the 26th largest of 180 banks closed or assisted in 1985.
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The FDIC's record
- Closed
- December 4, 1985
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Freedom FS&LA, Corvallis, OR
- Total assets
- $239,709,000
- Total deposits
- $153,498,000
- Estimated cost to the FDIC
- $85,217,760 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 31792
Other bank failures in Oregon, 1983 to 1987
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Lewis and Clark State Bank | Lake Oswego | December 11, 1987 | $20.3 million | $19.8 million | $2.5 million | Key Bank of Oregon |
| Future S&LA | Albany | April 10, 1987 | $57.6 million | $57.7 million | $15.8 million | |
| Umpqua S&LA | Roseburg | January 16, 1987 | $108.2 million | $88.5 million | $11.9 million | |
| Columbia Community Bank | Hermiston | October 3, 1986 | $5.3 million | $5 million | $1 million | Inland Empire Bank |
| Lincoln S&LA (assistance) | Portland | July 23, 1986 | $261.7 million | $230.4 million | $25.2 million | Rainier Bank, NA |
| State FS&LA | Corvallis | December 6, 1985 | $563.9 million | $443.9 million | $249 million | Washington FS&LA |
| Western Heritage FS&LA (assistance) | Pendleton | August 1, 1985 | $175.1 million | $134 million | $8.8 million | Benj Franklin FS&LA |
| Bank of Oregon (assistance) | Woodburn | May 31, 1985 | $117.1 million | $97 million | $18.8 million | Bank of Oregon |
All bank failures in 1985 · All bank failures in Oregon · 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.