Data / Bank failures / 1987 / First FS&LA
First FS&LA, Hagerstown, MD: failed March 20, 1987
First FS&LA in Hagerstown, Maryland, failed on March 20, 1987. It held $95.7 million in assets and $124.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $77.9 million (81.3% of its assets). By assets it was the 54th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- March 20, 1987
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Total assets
- $95,719,000
- Total deposits
- $124,677,000
- Estimated cost to the FDIC
- $77,866,400 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 29821
Other bank failures in Maryland, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Yorkridge-Calvert Federal Savings | Baltimore | December 14, 1989 | $585.8 million | $372.2 million | $40.1 million | Household Bank, FSB |
| Gibraltar S & L Assoc. | Annapolis | March 2, 1989 | $71.8 million | $71.3 million | $7.5 million | Annapolis NB |
| Baltimore Federal Financial | Baltimore | February 7, 1989 | $1.57 billion | $1.25 billion | $357.9 million | Household Bank, FSB |
All bank failures in 1987 · All bank failures in Maryland · 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.