Bank Failure

First State Bank at Shoshoni

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Closed December 18, 1987 · Shoshoni, WY · FDIC Cert #22904.

Closing date: December 18, 1987
Headquarters: Shoshoni, WY
FDIC Certificate: 22904
Total assets at closing: $4.6M
Total deposits at closing: $4.1M
Estimated loss to the insurance fund: $1.1M
Insurance fund: FDIC insurance fund
Resolution: Failure (closed by regulators)
Acquirer: First STB of Thermopolis

Context

On December 18, 1987, regulators closed First State Bank at Shoshoni, headquartered in Shoshoni, WY. At closing, the institution held approximately $4.6M in assets and $4.1M in deposits. The FDIC record names First STB of Thermopolis as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $1.1M.

By assets at closing this is the 3006th largest of the 3,526 bank failures in the FDIC record, and the 214th 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 State Bank at Shoshoni fail?

First State Bank at Shoshoni was closed by regulators on December 18, 1987.

Who acquired First State Bank at Shoshoni?

The FDIC record names First STB of Thermopolis as the acquiring institution in the resolution of First State Bank at Shoshoni.

How big was First State Bank at Shoshoni when it failed?

First State Bank at Shoshoni had approximately $4.6M in total assets and $4.1M in deposits at the time of failure.

Other failures in 1987

Date	Bank	HQ	Assets
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	First Interstate Bank of Alaska	Anchorage, AK	$367.7M
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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