Bank Failure
Citizens State BK of Galena
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Closed November 21, 1980 · Galena, KS · FDIC Cert #15559.
- Closing date
- November 21, 1980
- Headquarters
- Galena, KS
- FDIC Certificate
- 15559
- Total assets at closing
- $10.3M
- Total deposits at closing
- $9.4M
- Estimated loss to the insurance fund
- $974K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citizens STB in Galena
Context
On November 21, 1980, regulators closed Citizens State BK of Galena, headquartered in Galena, KS. At closing, the institution held approximately $10.3M in assets and $9.4M in deposits. The FDIC record names Citizens STB in Galena as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $974K.
By assets at closing this is the 2754th largest of the 3,526 bank failures in the FDIC record, and the 6th of 10 in 1980. 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 Citizens State BK of Galena fail?
Citizens State BK of Galena was closed by regulators on November 21, 1980.
Who acquired Citizens State BK of Galena?
The FDIC record names Citizens STB in Galena as the acquiring institution in the resolution of Citizens State BK of Galena.
How big was Citizens State BK of Galena when it failed?
Citizens State BK of Galena had approximately $10.3M in total assets and $9.4M in deposits at the time of failure.
Other failures in 1980
| Date | Bank | Assets |
|---|---|---|
| Dec 31, 1980 | East Gadsden Bank | $44.0M |
| Oct 11, 1980 | The Rochelle BK & TR Co. | $8.4M |
| Sep 12, 1980 | The Metro BK of Huntington, Inc. | $27.0M |
| Aug 8, 1980 | The Mission State BK & TR Co. | $86.4M |
| Jun 28, 1980 | City & County BK of Campbell CTY | $39.8M |
| Jun 4, 1980 | The Citizens State Bank | $2.0M |
| Feb 16, 1980 | Mohawk BK & TR Co. | $5.9M |
| Feb 12, 1980 | First National BK of Carrington | $12.4M |
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