The failure of Empire Savings and Loan Association of Mesquite, Texas
MetadataShow full item record
On Wednesday March 14, 1984, the Federal Home Loan Bank Board (FHLBB) announced the closing of Empire Savings and Loan Association of Mesquite Texas, placing it into receivership with the Federal Savings and Loan Insurance Corporation (FSLIC). This action by the Bank Board ended a remarkable two year period of growth and development that saw a small one office thrift institution expand at an unprecedented rate, and almost single handedly finance the condominium boom along a once desolate stretch of Interstate 30, east of Dallas. Yet, due to the sheer magnitude and concentration of this construction, it appeared evident that the institution not only was destined to fail, and when it did, government agencies paid out over $250 million in insured deposits and became custodians of over 3000 condominiums Empire had funded plus raw land planned for development, making it the largest single thrift failure in the 50 year history of the FSLIC.