Bank Failure
First State Bank
Closed June 11, 1987 · Milford, TX · FDIC Cert #3346.
- Closing date
- June 11, 1987
- Headquarters
- Milford, TX
- FDIC Certificate
- 3346
- Total assets at closing
- $7.3M
- Total deposits at closing
- $6.9M
- Estimated loss to DIF
- $1.9M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Ellis County State Bank
Context
On June 11, 1987, regulators closed First State Bank, headquartered in Milford, TX. At closing, the institution held approximately $7.3M in assets and $6.9M in deposits. The FDIC arranged a resolution under which Ellis County State Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $1.9M.
By assets at closing this is the 2889th largest of the 3,526 bank failures in the FDIC record, and the 196th 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 June 11, 1987.
Who acquired First State Bank?
Ellis County State Bank acquired the failed bank's deposits and operations on June 11, 1987 under an FDIC-brokered resolution.
How big was First State Bank when it failed?
First State Bank had approximately $7.3M in total assets and $6.9M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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