Bank Failure
Bank of Oak Grove
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Closed May 21, 1987 · Oak Grove, LA · FDIC Cert #317.
- Closing date
- May 21, 1987
- Headquarters
- Oak Grove, LA
- FDIC Certificate
- 317
- Total assets at closing
- $24.0M
- Total deposits at closing
- $23.6M
- Estimated loss to the insurance fund
- $6.0M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- West Carroll NB of Oak G
Context
On May 21, 1987, regulators closed Bank of Oak Grove, headquartered in Oak Grove, LA. At closing, the institution held approximately $24.0M in assets and $23.6M in deposits. The FDIC record names West Carroll NB of Oak G as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $6.0M.
By assets at closing this is the 2205th largest of the 3,526 bank failures in the FDIC record, and the 94th 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 Oak Grove fail?
Bank of Oak Grove was closed by regulators on May 21, 1987.
Who acquired Bank of Oak Grove?
The FDIC record names West Carroll NB of Oak G as the acquiring institution in the resolution of Bank of Oak Grove.
How big was Bank of Oak Grove when it failed?
Bank of Oak Grove had approximately $24.0M in total assets and $23.6M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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