Data / Bank failures / 1988 / Galva FS&LA
Galva FS&LA, Galva, IL: received FDIC assistance July 28, 1988
Galva FS&LA in Galva, Illinois, received open bank assistance from the FDIC on July 28, 1988. It held $12.8 million in assets and $13.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.8 million (22.2% of its assets). By assets it was the 418th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- July 28, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- River Valley SB FSB, Peoria, IL
- Total assets
- $12,784,000
- Total deposits
- $13,675,000
- Estimated cost to the FDIC
- $2,835,500 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 29707
Other bank failures in Illinois, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Enterprise Savings Bank, FA | Chicago | December 27, 1990 | $432.6 million | $322 million | $12.6 million | United FB |
| Home Federal Bank for Savings | Waukegan | December 14, 1990 | $348.1 million | $196.1 million | $19.6 million | First of Amer. Bk-N.e. Il |
| Olympic Federal Savings | Berwyn | December 14, 1990 | $1.05 billion | $683.7 million | $73.9 million | |
| First Fsa of Tuscola | Tuscola | August 17, 1990 | $23.2 million | $23.4 million | $2 million | First NB of Arcola |
| American Sa of MT. Carmel | MT. Carmel | August 10, 1990 | $11.9 million | $11.8 million | $1.8 million | Union FSB |
| Hometown Fsa | Winfield | August 3, 1990 | $46.5 million | $39.4 million | $6.3 million | Irving Bank |
| Summit First S & La | Summit | July 13, 1990 | $57.8 million | $55.8 million | $-21,036 | Marquette NB |
| Germania Bank, FSB | Alton | June 22, 1990 | $785.5 million | $663.3 million | $60.7 million | Mercantile Bank of ST. Loui |
Other failed banks River Valley SB FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Peoria S&LA (assistance) | Peoria | IL | December 31, 1988 | $171.6 million | $148.1 million | $19.5 million | River Valley SB FSB |
| Mutual FS&LA (assistance) | Canton | IL | July 28, 1988 | $30.4 million | $38.1 million | $11.8 million | River Valley SB FSB |
| Home FS&LA (assistance) | Peoria | IL | July 28, 1988 | $115.1 million | $126.3 million | $29 million | River Valley SB FSB |
All bank failures in 1988 · All bank failures in Illinois · Every failed bank River Valley SB FSB 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.