FDIC Open-Bank Assistance
Citizens State Bank
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Assistance provided January 27, 1988 · Hayfield, MN · FDIC Cert #10957.
- Assistance date
- January 27, 1988
- Headquarters
- Hayfield, MN
- FDIC Certificate
- 10957
- Total assets at the time
- $28.0M
- Total deposits at the time
- $28.6M
- Estimated loss to the insurance fund
- $783K
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Citizens State Bank
Context
On January 27, 1988, the FDIC provided open-bank assistance to Citizens State Bank, headquartered in Hayfield, MN. The institution continued operating. At the time it held approximately $28.0M in assets and $28.6M in deposits. The assistance went to the bank itself; no other institution acquired it. The estimated cost to the FDIC insurance fund was approximately $783K.
The FDIC record for 1988 holds 232 failures and 238 open-bank assistance transactions. 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 the FDIC provide assistance to Citizens State Bank?
Citizens State Bank received FDIC open-bank assistance on January 27, 1988; it did not fail.
How big was Citizens State Bank at the time of assistance?
Citizens State Bank had approximately $28.0M in total assets and $28.6M in deposits at the time of assistance.
Bank 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 |
Explore: all failures · MN bank events · 1988 events · events hub