Bank failure · SC

First State S&la (Spartansburg, SC) — failed October 23, 1986

First State S&la of Spartansburg, South Carolina was closed on October 23, 1986 and resolved through a a/a. Poughkeepsie Sb FSB (NY) took over its insured deposits. At failure it held $78.8M in assets and $77.9M in deposits. The FDIC's estimated loss on the failure is $64K (0.1% of assets).