9 failures · $1.4 billion in assets
Bank failures in 1981
Nine insured banks failed in 1981, down from 10 in 1980. Together they reported $1.4 billion in assets, and the FDIC's estimated loss on them is $31.0 million. The largest was First Federal Savings and Loan Association of Rochester of Rochester, New York, at $1.2 billion. The costliest for the insurance fund was Economy Savings and Loan Association, at an estimated $22.0 million. Illinois led with 3 failures, ahead of Oregon with 2. The FDIC also recorded 31 assistance transactions that year, kept open rather than closed, and listed separately below.
Week by week
- $1 billion or more
- $100 million to $1 billion
- under $100 million
| Closed | Bank | Location | Total assets | Est. loss |
|---|---|---|---|---|
| March 14, 1981 | The Des Plaines Bank | Des Plaines, IL | $46.5 million | $1.1 million |
| March 14, 1981 | South Side Bank | Chicago, IL | $27.5 million | $3.5 million |
| March 17, 1981 | Peoples Banking Company | Boston, GA | $8.4 million | $435 thousand |
| May 18, 1981 | Economy Savings and Loan Association | Chicago, IL | $73.9 million | $22.0 million |
| June 19, 1981 | Northwest Commerce Bank | North Bend, OR | $6.7 million | $1.0 million |
| September 8, 1981 | First Federal Savings and Loan Association of Rochester | Rochester, NY | $1.2 billion | not estimated |
| September 25, 1981 | Southwestern Bank | Tucson, AZ | $5.3 million | none |
| October 23, 1981 | High Lakes Community Bank | La Pine, OR | $3.7 million | $1.2 million |
| October 30, 1981 | Midtown National Bank | Pueblo, CO | $10.6 million | $1.7 million |
Assistance transactions in 1981
In these cases the FDIC or another insurer gave financial help to an insured institution instead of closing it outright. They are not counted as failures on this site.
| Closed | Bank | Location | Total assets | Est. loss |
|---|---|---|---|---|
| January 18, 1981 | Home Sa | Minneapolis, MN | $686 million | $73.6 million |
| February 9, 1981 | Franklin Sa | Chicago, IL | $97.6 million | $1.6 million |
| February 9, 1981 | Security of Statesville | Statesville, NC | $15.7 million | not estimated |
| April 30, 1981 | Guardian FSB | Northport, NY | $126 million | $31.4 million |
| May 9, 1981 | Arctic FS&LA | Fairbanks, AK | $40.5 million | $3.8 million |
| May 31, 1981 | Ny & Suburban FS&LA | New York, NY | $548 million | $146 million |
| June 1, 1981 | Financial Security S&LA | Elk Grove Village, IL | $63.8 million | $15.7 million |
| June 21, 1981 | Community FS&LA | Washington, DC | $22.9 million | $2.5 million |
| July 1, 1981 | First FS&LA of New Bern | New Bern, NC | $57.4 million | $3.6 million |
| July 10, 1981 | First Financial FS&LA | Bellaire, TX | $5.9 million | $1.8 million |
| August 9, 1981 | County FS&LA | Rockville, MD | $144 million | $25.8 million |
| September 8, 1981 | West Side FS&LA | New York, NY | $2.5 billion | $315 million |
| September 8, 1981 | Washington FS&LA | Miami Beach, FL | $1.2 billion | $147 million |
| September 8, 1981 | Franklin Society FS&LA | New York, NY | $947 million | $200 million |
| September 15, 1981 | Perpetual S&LA | Rapid City, SD | $49.7 million | $9.4 million |
| October 2, 1981 | Lafayette FS&LA | Warson Woods, MO | $416 million | $799 million |
| October 7, 1981 | Reserve S&LA | Elmhurst, IL | $130 million | not estimated |
| November 4, 1981 | Greenwich Savings Bank | New York, NY | $2.5 billion | $678 million |
| November 19, 1981 | First FS&LA of Broward County | Ft. Lauderdale, FL | $2.6 billion | none |
| November 20, 1981 | Pan American, FS&LA | Rio Piedras, PR | $43.9 million | not estimated |
| November 20, 1981 | First FS&LA of Puerto Rico | Santurce, PR | not reported | not estimated |
| November 30, 1981 | Empire State FS&LA | White Plains, NY | $291 million | $10.0 million |
| November 30, 1981 | Guaranty FS&LA | Baton Rouge, LA | $33.5 million | $49 thousand |
| December 4, 1981 | Central Savings Bank | New York, NY | $910 million | $32.9 million |
| December 5, 1981 | Palos S&LA | Palos Heights, IL | $98.0 million | not estimated |
| December 9, 1981 | Boca Raton FS&LA | Boca Raton, FL | $276 million | $8.8 million |
| December 9, 1981 | Mohawk S&LA | Newark, NJ | $91.1 million | $4.7 million |
| December 17, 1981 | Southern FS&LA of Broward County | Pompano Beach, FL | $615 million | $5.2 million |
| December 17, 1981 | Hamiltonian FS&LA | Ladue, MO | $240 million | $1.8 million |
| December 17, 1981 | Security FS&LA of Sikeston | Sikeston, MO | $84.5 million | $795 thousand |
| December 18, 1981 | Union Dime Savings Bank | New York, NY | $1.5 billion | $61.5 million |