Bank Failure
First State Bank
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Closed October 18, 1985 · Jet, OK · FDIC Cert #14670.
- Closing date
- October 18, 1985
- Headquarters
- Jet, OK
- FDIC Certificate
- 14670
- Total assets (last filing before closing)
- $12.3M
- Total deposits (last filing before closing)
- $11.5M
- Estimated loss to the insurance fund
- $5.6M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Cleo State Bank
Context
On October 18, 1985, regulators closed First State Bank, headquartered in Jet, OK. At closing, the institution held approximately $12.3M in assets and $11.5M in deposits. The FDIC record names Cleo State Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $5.6M.
By total assets in its last filing before closing, this is the 2666th largest of the 3,526 bank failures in the FDIC record, and the 101st 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 State Bank fail?
First State Bank was closed by regulators on October 18, 1985.
Who acquired First State Bank?
The FDIC record names Cleo State Bank as the acquiring institution in the resolution of First State Bank.
How big was First State Bank when it failed?
First State Bank had approximately $12.3M in total assets and $11.5M in deposits at the time of failure.
Other failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
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