Data / Bank failures / 1980 / First of Niles FS&LA
First of Niles FS&LA, Niles, MI: received FDIC assistance October 14, 1980
First of Niles FS&LA in Niles, Michigan, received open bank assistance from the FDIC on October 14, 1980. It held $131.8 million in assets and $120.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $13.3 million (10.1% of its assets). By assets it was the 5th largest of 22 banks closed or assisted in 1980.
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The FDIC's record
- Closed
- October 14, 1980
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Standard FS&LA, Troy, MI
- Total assets
- $131,813,779
- Total deposits
- $120,260,806
- Estimated cost to the FDIC
- $13,270,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 29504
Other bank failures in Michigan, 1978 to 1982
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| American FS&LA (assistance) | Southfield | July 30, 1982 | $841.7 million | $475.8 million | $3.1 million | Empire of America, Fsa |
| Community BK of Washtenaw | Ypsilantai | May 15, 1982 | $19.9 million | $18.2 million | $242,786 | Michigan NB Ann Arbor |
Other failed banks Standard FS&LA took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| FT. Wayne FS&LA (assistance) | Fort Wayne | IN | November 14, 1983 | $37 million | $31 million | $2.2 million | Standard FS&LA |
| American FS&LA (assistance) | Fort Wayne | IN | November 14, 1983 | $55.4 million | $46.4 million | $3.4 million | Standard FS&LA |
| South Bend FS&LA (assistance) | South Bend | IN | November 14, 1983 | $71.4 million | $71.5 million | $4.7 million | Standard FS&LA |
| First FS&LA of FT. Wayne (assistance) | Fort Wayne | IN | November 14, 1983 | $298.1 million | $267.2 million | $17.3 million | Standard FS&LA |
All bank failures in 1980 · All bank failures in Michigan · Every failed bank Standard FS&LA 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.