Bank Failure

First State Bank

Name: First State Bank Bank Failure
Start: 1987-08-13
End: 1987-08-13
Location: Blanchard, OK

Closed August 13, 1987 · Blanchard, OK · FDIC Cert #2313.

Closing date: August 13, 1987
Headquarters: Blanchard, OK
FDIC Certificate: 2313
Total assets at closing: $23.6M
Total deposits at closing: $21.9M
Estimated loss to DIF: $12.1M
Resolution: Failure (closed by regulators)
Acquirer: First State Bank

Context

On August 13, 1987, regulators closed First State Bank, headquartered in Blanchard, OK. At closing, the institution held approximately $23.6M in assets and $21.9M in deposits. The FDIC arranged a resolution under which First State Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $12.1M.

By assets at closing this is the 2212th largest of the 3,524 bank failures in the FDIC record, and the 96th 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 fail?

First State Bank was closed by regulators on August 13, 1987.

Who acquired First State Bank?

First State Bank acquired the failed bank's deposits and operations on August 13, 1987 under an FDIC-brokered resolution.

How big was First State Bank when it failed?

First State Bank had approximately $23.6M in total assets and $21.9M 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	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

All 1987 events ›

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