Data / Bank failures / 1986 / First of Montgomery County
First of Montgomery County, Blacksburg, VA: received FDIC assistance June 6, 1986
First of Montgomery County in Blacksburg, Virginia, received open bank assistance from the FDIC on June 6, 1986. It held $14.5 million in assets and $15.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3.3 million (22.5% of its assets). By assets it was the 155th largest of 204 banks closed or assisted in 1986.
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The FDIC's record
- Closed
- June 6, 1986
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Carteret S&LA FA, Newark, NJ
- Total assets
- $14,512,000
- Total deposits
- $15,468,000
- Estimated cost to the FDIC
- $3,258,858 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 28240
Other bank failures in Virginia, 1984 to 1988
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Virginia FS&LA (assistance) | Richmond | December 23, 1988 | $678.9 million | $517 million | $13.5 million | Virginia FSB |
| Ultimate Savings Bank | Richmond | September 16, 1988 | $206.5 million | $194.3 million | $34.9 million | |
| McLean S&LA (assistance) | McLean | July 8, 1988 | $318.9 million | $326.1 million | $88.9 million | NVR Federal Savings Bank |
| American FS&LA (assistance) | Lynchburg | December 31, 1987 | $166.5 million | $196.7 million | $44.5 million | First Federal of Roanoke |
| Mountain Security SB (assistance) | Wytheville | June 6, 1986 | $125.3 million | $114.3 million | $18.9 million | Carteret S&LA FA |
| Family FS&LA (assistance) | Springfield | September 27, 1985 | $57.1 million | $71.2 million | $776,000 | Columbia First FS&LA |
| Northern Virginia S&LA (assistance) | Arlington | May 2, 1985 | $237.2 million | $240.6 million | $18.9 million | Northern Virginia S&LA A FA |
| Union Mutual S&LA | Richmond | January 27, 1984 | $8.6 million | $7.9 million |
Other failed banks Carteret S&LA FA took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Mountain Security SB (assistance) | Wytheville | VA | June 6, 1986 | $125.3 million | $114.3 million | $18.9 million | Carteret S&LA FA |
| Barton S&LA (assistance) | Newark | NJ | October 1, 1982 | $170.4 million | $123 million | $11.8 million | Carteret S&LA FA |
All bank failures in 1986 · All bank failures in Virginia · Every failed bank Carteret S&LA FA took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. 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.