Amidst the savings and loan crisis in 1981, West Side Federal Savings and Loan Association of New York and the Washington Savings and Loan Association of Miami were acquired and merged with Citizens, creating the country's largest federally chartered savings and loan association. The Federal Home Loan Bank Board approved the first interstate consolidation of savings and loan associations largely because National Steel was willing to provide $75 million in cash to the new association, whose combined assets would be $6.8 billion with 136 branches in the three states. The branches were rebranded as First Nationwide Savings in 1982, when National Steel sold a 19% share of First Nationwide to the public. Ford Motor Company acquired First Nationwide for $493 million in 1985.