Bank Failure

First National Bank of Woodbine

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Closed February 7, 1985 · Woodbine, IA · FDIC Cert #4523.

Closing date: February 7, 1985
Headquarters: Woodbine, IA
FDIC Certificate: 4523
Total assets (last filing before closing): $25.8M
Total deposits (last filing before closing): $25.8M
Estimated loss to the insurance fund: $7.3M
Insurance fund: FDIC insurance fund
Resolution: Failure (closed by regulators)
Acquirer: Iowa Savings Bank

Context

On February 7, 1985, regulators closed First National Bank of Woodbine, headquartered in Woodbine, IA. At closing, the institution held approximately $25.8M in assets and $25.8M in deposits. The FDIC record names Iowa Savings Bank 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 2161st largest of the 3,526 bank failures in the FDIC record, and the 60th of 139 in 1985. 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 First National Bank of Woodbine fail?

First National Bank of Woodbine was closed by regulators on February 7, 1985.

Who acquired First National Bank of Woodbine?

The FDIC record names Iowa Savings Bank as the acquiring institution in the resolution of First National Bank of Woodbine.

How big was First National Bank of Woodbine when it failed?

First National Bank of Woodbine had approximately $25.8M in total assets and $25.8M in deposits at the time of failure.

Other failures in 1985

Date	Bank	HQ	Assets
Dec 20, 1985	First City Bank	Glendale, CA	$35.8M
Dec 20, 1985	State Bank of Frost	Frost, MN	$7.7M
Dec 19, 1985	Princeton State Bank	Princeton, MO	$18.4M
Dec 19, 1985	Farmers State Bank	Sargent, NE	$12.5M
Dec 19, 1985	Bank of Panama	Panama, NE	$4.4M
Dec 19, 1985	Farmers & Merchants Bank	Comstock, NE	$3.3M
Dec 13, 1985	The First National Bank in Lincoln County	Ruidoso, NM	$32.0M
Dec 13, 1985	Lake National Bank	Lake Ozark, MO	$19.8M

All 1985 events ›

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