Bank Failure
Farmers State Bank
Closed June 15, 1984 · Lyons, SD · FDIC Cert #9009.
- Closing date
- June 15, 1984
- Headquarters
- Lyons, SD
- FDIC Certificate
- 9009
- Total assets at closing
- $3.2M
- Total deposits at closing
- $3.0M
- Estimated loss to DIF
- $855K
- Resolution
- Failure (closed by regulators)
- Acquirer
- Dakota State Bank
Context
On June 15, 1984, regulators closed Farmers State Bank, headquartered in Lyons, SD. At closing, the institution held approximately $3.2M in assets and $3.0M in deposits. The FDIC arranged a resolution under which Dakota State Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $855K.
By assets at closing this is the 3052nd largest of the 3,524 bank failures in the FDIC record, and the 82nd of 83 in 1984. 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 Farmers State Bank fail?
Farmers State Bank was closed by regulators on June 15, 1984.
Who acquired Farmers State Bank?
Dakota State Bank acquired the failed bank's deposits and operations on June 15, 1984 under an FDIC-brokered resolution.
How big was Farmers State Bank when it failed?
Farmers State Bank had approximately $3.2M in total assets and $3.0M in deposits at the time of failure.
Other failures in 1984
| Date | Bank | Assets |
|---|---|---|
| Dec 22, 1984 | First Security Bank | $13.4M |
| Dec 20, 1984 | The Farmers State Bank | $14.6M |
| Dec 18, 1984 | Uehling State Bank | $4.2M |
| Dec 11, 1984 | University Bank of Wichita | $4.7M |
| Dec 7, 1984 | San Marino S&LA | $856.8M |
| Dec 7, 1984 | Farmers State BK of Holyoke | $3.9M |
| Dec 4, 1984 | Golden Spike State Bank | $7.8M |
| Nov 30, 1984 | The Dayton BK & TR Co. | $51.4M |
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