Data / Bank failures / 1985 / First FS&LA of Freeport
First FS&LA of Freeport, Freeport, IL: received FDIC assistance May 28, 1985
First FS&LA of Freeport in Freeport, Illinois, received open bank assistance from the FDIC on May 28, 1985. It held $63.3 million in assets and $45.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $13.6 million (21.5% of its assets). By assets it was the 59th largest of 180 banks closed or assisted in 1985.
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The FDIC's record
- Closed
- May 28, 1985
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Home FS&LA of Rockford, Rockford, IL
- Total assets
- $63,321,000
- Total deposits
- $45,738,000
- Estimated cost to the FDIC
- $13,607,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 29052
Other bank failures in Illinois, 1983 to 1987
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Gibson Federal S&LA (assistance) | Gibson City | December 31, 1987 | $131.5 million | $146.2 million | $37.4 million | Champion Federal S&LA |
| Argo FS&LA (assistance) | Summit | November 17, 1987 | $25.6 million | $29.7 million | $3.6 million | Argo S&LA Fed S&L Associati |
| Lyons Federal Trust & Savings (assistance) | Countryside | September 24, 1987 | $2.28 billion | $1.54 billion | $561.6 million | Superior Bank, FSB |
| The Lewistown Bank | Lewistown | February 27, 1987 | $15.3 million | $14.9 million | $4.2 million | National Bank of Canton |
| Life Savings of America | Rockford | February 13, 1987 | $342.3 million | $339.2 million | $115.7 million | |
| State Bank of Cuba | Cuba | January 9, 1987 | $18.3 million | $17.7 million | $2.5 million | National Bank of Canton |
| First Savings of America | Orland Park | December 12, 1986 | $47 million | $56 million | ||
| Republic Savings Bank (assistance) | South Beloit | October 1, 1986 | $56.8 million | $60.3 million | $20.3 million | River Valley Savings Bank |
Other failed banks Home FS&LA of Rockford took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Loves Park FSB (assistance) | Loves Park | IL | September 21, 1988 | $40.8 million | $45 million | $5 million | Home FS&LA of Rockford |
All bank failures in 1985 · All bank failures in Illinois · Every failed bank Home FS&LA of Rockford 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.