Data / Bank failures / 1988 / Magnet Bank FSB
Magnet Bank FSB, Charleston, WV: received FDIC assistance February 10, 1988
Magnet Bank FSB in Charleston, West Virginia, received open bank assistance from the FDIC on February 10, 1988. It held $547.1 million in assets and $418.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $115.9 million (21.2% of its assets). By assets it was the 44th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- February 10, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Traders FS&LA, Charleston, WV
- Total assets
- $547,099,000
- Total deposits
- $418,818,000
- Estimated cost to the FDIC
- $115,899,400 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- FSLIC
- FDIC certificate
- 29257
Other bank failures in West Virginia, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First Standard Fed. Savings Assoc. | Fairmont | February 23, 1990 | $77.6 million | $75.6 million | $3,727 | Community B&T, NA |
| First Federal Sav. Assoc./bluefield | Bluefield | February 23, 1990 | $39.3 million | $33.2 million | $2.6 million | First FSB |
| Lewis County Savings and Loan Co | Weston | May 12, 1989 | $4 million | $3.9 million | $405,429 | Community Bank & Trust, Nat |
| Mountain State FS&LA (assistance) | Clarksburg | February 10, 1988 | $91.4 million | $100.5 million | $21.7 million | Traders FS&LA |
| Traders FS&LA (assistance) | Parkersburg | February 10, 1988 | $68.5 million | $73.1 million | $18.9 million | Atlantic Financial Federal |
| Farmers FS&LA (assistance) | Ravenswood | October 23, 1986 | $131.3 million | $124.7 million | $237,598 | Poughkeepsie SB FSB |
Other failed banks Traders FS&LA took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Mountain State FS&LA (assistance) | Clarksburg | WV | February 10, 1988 | $91.4 million | $100.5 million | $21.7 million | Traders FS&LA |
All bank failures in 1988 · All bank failures in West Virginia · Every failed bank Traders FS&LA 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.