Bank Failure

First Interstate Bank of Alaska

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Closed December 11, 1987 · Anchorage, AK · FDIC Cert #17334.

Closing date: December 11, 1987
Headquarters: Anchorage, AK
FDIC Certificate: 17334
Total assets at closing: $367.7M
Total deposits at closing: $358.9M
Estimated loss to the insurance fund: $104.4M
Insurance fund: FDIC insurance fund
Resolution: Failure (closed by regulators)
Acquirer: National Bank of Alaska

Context

On December 11, 1987, regulators closed First Interstate Bank of Alaska, headquartered in Anchorage, AK. At closing, the institution held approximately $367.7M in assets and $358.9M in deposits. The FDIC record names National Bank of Alaska as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $104.4M.

By assets at closing this is the 482nd largest of the 3,526 bank failures in the FDIC record, and the 8th of 217 in 1987. 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 Interstate Bank of Alaska fail?

First Interstate Bank of Alaska was closed by regulators on December 11, 1987.

Who acquired First Interstate Bank of Alaska?

The FDIC record names National Bank of Alaska as the acquiring institution in the resolution of First Interstate Bank of Alaska.

How big was First Interstate Bank of Alaska when it failed?

First Interstate Bank of Alaska had approximately $367.7M in total assets and $358.9M in deposits at the time of failure.

Other failures in 1987

Date	Bank	HQ	Assets
Dec 18, 1987	First State Bank at Shoshoni	Shoshoni, WY	$4.6M
Dec 17, 1987	Usbank	Denton, TX	$86.0M
Dec 17, 1987	Bank of Mabank	Mabank, TX	$43.8M
Dec 17, 1987	American Bank of Commerce	Lake Charles, LA	$35.5M
Dec 11, 1987	Lewis and Clark State Bank	Lake Oswego, OR	$20.3M
Dec 10, 1987	Heritage National Bank	Austin, TX	$53.2M
Dec 10, 1987	Bancfirst-Austin, N.A.	Austin, TX	$25.3M
Dec 10, 1987	Louisiana Bank & Trust Company	Crowley, LA	$18.5M

All 1987 events ›

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