# VERNON S&LA

> **Failed bank** · VERNON, TX · failed 1987-03-20 · SL · FDIC cost $1,062M

## What happened

VERNON S&LA of VERNON, TX was closed by state regulators on **1987-03-20**. The FDIC was named receiver.

**Resolution:** ABT

Deposits were transferred to **MONTFORT SAVINGS ASSOCIATIO** (VERNON, TX). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 1398
- **FDIC Certificate:** 31171
- **FDIC FIN:** 7561
- **Bank name:** VERNON S&LA
- **Location:** VERNON, TX
- **Failure date:** 1987-03-20
- **FDIC resolution date:** 1987-11-20
- **Charter type:** SL
- **Resolution type:** ABT
- **Estimated FDIC DIF cost:** $1,062M
- **Deposits at failure:** $1,583M
- **Assets at failure:** $1,347M
- **Acquiring bank:** MONTFORT SAVINGS ASSOCIATIO (VERNON, TX)

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=VERNON%20S%26LA

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, VERNON S&LA (FDIC ID 1398), failed 1987-03-20. Retrieved via AI Analytics 2026-06-24 from https://api.ai-analytics.org/failed-bank/1398.

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