Bank Failure
Farmers State Bank of Clarissa
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Closed July 11, 1986 · Clarissa, MN · FDIC Cert #9730.
- Closing date
- July 11, 1986
- Headquarters
- Clarissa, MN
- FDIC Certificate
- 9730
- Total assets (last filing before closing)
- $17.9M
- Total deposits (last filing before closing)
- $16.8M
- Estimated loss to the insurance fund
- $7.3M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First STB of Rush City
Context
On July 11, 1986, regulators closed Farmers State Bank of Clarissa, headquartered in Clarissa, MN. At closing, the institution held approximately $17.9M in assets and $16.8M in deposits. The FDIC record names First STB of Rush City as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $7.3M.
By total assets in its last filing before closing, this is the 2425th largest of the 3,526 bank failures in the FDIC record, and the 105th 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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did Farmers State Bank of Clarissa fail?
Farmers State Bank of Clarissa was closed by regulators on July 11, 1986.
Who acquired Farmers State Bank of Clarissa?
The FDIC record names First STB of Rush City as the acquiring institution in the resolution of Farmers State Bank of Clarissa.
How big was Farmers State Bank of Clarissa when it failed?
Farmers State Bank of Clarissa had approximately $17.9M in total assets and $16.8M 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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