Data / Bank failures / 1986 / First State S&LA
First State S&LA, Spartansburg, SC: received FDIC assistance October 23, 1986
First State S&LA in Spartansburg, South Carolina, received open bank assistance from the FDIC on October 23, 1986. It held $78.8 million in assets and $77.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $64,402 (0.1% of its assets). By assets it was the 55th largest of 204 banks closed or assisted in 1986.
SpecStream is the live web data engine for teams and agents. It reads the FDIC failed bank data every morning, and this page is that reading. Ask for the banks you follow and each new closure arrives in your sheet, CRM, Slack or agent as the FDIC announces it.
The FDIC's record
- Closed
- October 23, 1986
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Poughkeepsie SB FSB, Poughkeepsie, NY
- Total assets
- $78,769,000
- Total deposits
- $77,864,000
- Estimated cost to the FDIC
- $64,402 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 30071
Other failed banks Poughkeepsie SB FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Farmers FS&LA (assistance) | Ravenswood | WV | October 23, 1986 | $131.3 million | $124.7 million | $237,598 | Poughkeepsie SB FSB |
All bank failures in 1986 · All bank failures in South Carolina · Every failed bank Poughkeepsie SB FSB 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.