Bank Failure
Basin State Bank
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Closed February 12, 1988 · Vernal, UT · FDIC Cert #23395.
- Closing date
- February 12, 1988
- Headquarters
- Vernal, UT
- FDIC Certificate
- 23395
- Total assets at closing
- $12.0M
- Total deposits at closing
- $11.5M
- Estimated loss to the insurance fund
- $3.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Zions First National Ban
Context
On February 12, 1988, regulators closed Basin State Bank, headquartered in Vernal, UT. At closing, the institution held approximately $12.0M in assets and $11.5M in deposits. The FDIC record names Zions First National Ban as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $3.4M.
By assets at closing this is the 2689th largest of the 3,526 bank failures in the FDIC record, and the 195th of 232 in 1988. 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 Basin State Bank fail?
Basin State Bank was closed by regulators on February 12, 1988.
Who acquired Basin State Bank?
The FDIC record names Zions First National Ban as the acquiring institution in the resolution of Basin State Bank.
How big was Basin State Bank when it failed?
Basin State Bank had approximately $12.0M in total assets and $11.5M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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