Data / Bank failures / 1988 / Loves Park FSB
Loves Park FSB, Loves Park, IL: received FDIC assistance September 21, 1988
Loves Park FSB in Loves Park, Illinois, received open bank assistance from the FDIC on September 21, 1988. It held $40.8 million in assets and $45 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $5 million (12.3% of its assets). By assets it was the 302nd largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- September 21, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Home FS&LA of Rockford, Rockford, IL
- Total assets
- $40,841,000
- Total deposits
- $44,986,000
- Estimated cost to the FDIC
- $5,024,000 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- FSLIC
- FDIC certificate
- 31299
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 Home FS&LA of Rockford took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| First FS&LA of Freeport (assistance) | Freeport | IL | May 28, 1985 | $63.3 million | $45.7 million | $13.6 million | Home FS&LA of Rockford |
All bank failures in 1988 · All bank failures in Illinois · Every failed bank Home FS&LA of Rockford 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.