Bank Failure
First State Bank of Atmore
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Closed February 19, 1987 · Atmore, AL · FDIC Cert #24990.
- Closing date
- February 19, 1987
- Headquarters
- Atmore, AL
- FDIC Certificate
- 24990
- Total assets at closing
- $12.4M
- Total deposits at closing
- $12.4M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First NB of Atmore
Context
On February 19, 1987, regulators closed First State Bank of Atmore, headquartered in Atmore, AL. At closing, the institution held approximately $12.4M in assets and $12.4M in deposits. The FDIC record names First NB of Atmore as the acquiring institution in the resolution.
By assets at closing this is the 2665th largest of the 3,526 bank failures in the FDIC record, and the 154th 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 of Atmore fail?
First State Bank of Atmore was closed by regulators on February 19, 1987.
Who acquired First State Bank of Atmore?
The FDIC record names First NB of Atmore as the acquiring institution in the resolution of First State Bank of Atmore.
How big was First State Bank of Atmore when it failed?
First State Bank of Atmore had approximately $12.4M in total assets and $12.4M 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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