Bank Failure

Bank of Granite

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Closed July 30, 1987 · Granite, OK · FDIC Cert #4104.

Closing date: July 30, 1987
Headquarters: Granite, OK
FDIC Certificate: 4104
Total assets at closing: $13.2M
Total deposits at closing: $13.2M
Estimated loss to the insurance fund: $2.8M
Insurance fund: FDIC insurance fund
Resolution: Failure (closed by regulators)
Acquirer: Farmers&merchants Bank

Context

On July 30, 1987, regulators closed Bank of Granite, headquartered in Granite, OK. At closing, the institution held approximately $13.2M in assets and $13.2M in deposits. The FDIC record names Farmers&merchants Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $2.8M.

By assets at closing this is the 2628th largest of the 3,526 bank failures in the FDIC record, and the 149th of 217 in 1987. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.

Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.

Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.

Common questions

When did Bank of Granite fail?

Bank of Granite was closed by regulators on July 30, 1987.

Who acquired Bank of Granite?

The FDIC record names Farmers&merchants Bank as the acquiring institution in the resolution of Bank of Granite.

How big was Bank of Granite when it failed?

Bank of Granite had approximately $13.2M in total assets and $13.2M in deposits at the time of failure.

Other failures in 1987

Date	Bank	HQ	Assets
Dec 18, 1987	First State Bank at Shoshoni	Shoshoni, WY	$4.6M
Dec 17, 1987	Usbank	Denton, TX	$86.0M
Dec 17, 1987	Bank of Mabank	Mabank, TX	$43.8M
Dec 17, 1987	American Bank of Commerce	Lake Charles, LA	$35.5M
Dec 11, 1987	First Interstate Bank of Alaska	Anchorage, AK	$367.7M
Dec 11, 1987	Lewis and Clark State Bank	Lake Oswego, OR	$20.3M
Dec 10, 1987	Heritage National Bank	Austin, TX	$53.2M
Dec 10, 1987	Bancfirst-Austin, N.A.	Austin, TX	$25.3M

All 1987 events ›

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