Data / Bank failures / 1981 / Franklin Society FS&LA
Franklin Society FS&LA, New York, NY: received FDIC assistance September 8, 1981
Franklin Society FS&LA in New York, New York, received open bank assistance from the FDIC on September 8, 1981. It held $947.4 million in assets and $703.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $200 million (21.1% of its assets). By assets it was the 7th largest of 40 banks closed or assisted in 1981.
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The FDIC's record
- Closed
- September 8, 1981
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- First FS&LA of Rochester, Rochester, NY
- Total assets
- $947,356,730
- Total deposits
- $703,910,762
- Estimated cost to the FDIC
- $200,000,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 30496
Other bank failures in New York, 1979 to 1983
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Auburn Savings Bank (assistance) | Auburn | October 1, 1983 | $133.2 million | $131.4 million | Syracuse Savings Bank | |
| Washington FS&LA (assistance) | New York | August 31, 1983 | $645 million | $548.3 million | $11.8 million | Ensign Bank FSB |
| Dry Dock Savings Bank (assistance) | New York | February 9, 1983 | $2.45 billion | $2.04 billion | $59.4 million | Dollar-Dry SB of Ny |
| South Shore FS&LA (assistance) | Massapequa | November 15, 1982 | $366.1 million | $272.2 million | $19.5 million | Empire of America Fsa |
| Island S&LA (assistance) | Hempstead | November 15, 1982 | $284.5 million | $221 million | $12.1 million | Empire of America Fsa |
| Mechanics Savings Bank (assistance) | Elmira | October 15, 1982 | $55.3 million | $50.6 million | Syracuse Savings Bank | |
| United Mutual Savings Bank (assistance) | New York | September 24, 1982 | $832.9 million | $777.9 million | $33.1 million | American Savings Bank |
| First FS&LA of New York (assistance) | New York City | September 20, 1982 | $658.9 million | $462.6 million | First FS&LA of Rochester |
Other failed banks First FS&LA of Rochester took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| First FS&LA of New York (assistance) | New York City | NY | September 20, 1982 | $658.9 million | $462.6 million | First FS&LA of Rochester | |
| Knickerbocker FS&LA (assistance) | New York | NY | March 9, 1982 | $528.8 million | $347.8 million | First FS&LA of Rochester | |
| Ninth Federal Savings (assistance) | New York | NY | March 9, 1982 | $477.5 million | $241.5 million | First FS&LA of Rochester | |
| First FS&LA of Rochester | Rochester | NY | September 8, 1981 | $1.20 billion | $989.2 million | First FS&LA of Rochester |
All bank failures in 1981 · All bank failures in New York · Every failed bank First FS&LA of Rochester 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.