Bank Failure
Chokio State Bank
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Closed November 7, 1986 · Chokio, MN · FDIC Cert #10995.
- Closing date
- November 7, 1986
- Headquarters
- Chokio, MN
- FDIC Certificate
- 10995
- Total assets at closing
- $11.9M
- Total deposits at closing
- $11.0M
- Estimated loss to the insurance fund
- $4.9M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First State Bank Chokio
Context
On November 7, 1986, regulators closed Chokio State Bank, headquartered in Chokio, MN. At closing, the institution held approximately $11.9M in assets and $11.0M in deposits. The FDIC record names First State Bank Chokio as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $4.9M.
By assets at closing this is the 2694th largest of the 3,526 bank failures in the FDIC record, and the 129th of 162 in 1986. 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 Chokio State Bank fail?
Chokio State Bank was closed by regulators on November 7, 1986.
Who acquired Chokio State Bank?
The FDIC record names First State Bank Chokio as the acquiring institution in the resolution of Chokio State Bank.
How big was Chokio State Bank when it failed?
Chokio State Bank had approximately $11.9M in total assets and $11.0M in deposits at the time of failure.
Other failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
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