Bank Failure
First FSB of South Dakota
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Closed April 24, 1992 · Rapid City, SD · FDIC Cert #27853.
- Closing date
- April 24, 1992
- Headquarters
- Rapid City, SD
- FDIC Certificate
- 27853
- Total assets at closing
- $155.9M
- Total deposits at closing
- $169.9M
- Estimated loss to the insurance fund
- $24.1M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Metropolitan FB, FSB
Context
On April 24, 1992, regulators closed First FSB of South Dakota, headquartered in Rapid City, SD. At closing, the institution held approximately $155.9M in assets and $169.9M in deposits. The FDIC record names Metropolitan FB, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $24.1M.
By assets at closing this is the 914th largest of the 3,526 bank failures in the FDIC record, and the 69th of 179 in 1992. 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 First FSB of South Dakota fail?
First FSB of South Dakota was closed by regulators on April 24, 1992.
Who acquired First FSB of South Dakota?
The FDIC record names Metropolitan FB, FSB as the acquiring institution in the resolution of First FSB of South Dakota.
How big was First FSB of South Dakota when it failed?
First FSB of South Dakota had approximately $155.9M in total assets and $169.9M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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