Bank Failure
First State Bank of Elgin
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Closed April 12, 1985 · Elgin, OR · FDIC Cert #16255.
- Closing date
- April 12, 1985
- Headquarters
- Elgin, OR
- FDIC Certificate
- 16255
- Total assets at closing
- $18.2M
- Total deposits at closing
- $15.8M
- Estimated loss to the insurance fund
- $4.9M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- United States NB of Oreg
Context
On April 12, 1985, regulators closed First State Bank of Elgin, headquartered in Elgin, OR. At closing, the institution held approximately $18.2M in assets and $15.8M in deposits. The FDIC record names United States NB of Oreg as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $4.9M.
By assets at closing this is the 2414th largest of the 3,526 bank failures in the FDIC record, and the 84th 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.
Common questions
When did First State Bank of Elgin fail?
First State Bank of Elgin was closed by regulators on April 12, 1985.
Who acquired First State Bank of Elgin?
The FDIC record names United States NB of Oreg as the acquiring institution in the resolution of First State Bank of Elgin.
How big was First State Bank of Elgin when it failed?
First State Bank of Elgin had approximately $18.2M in total assets and $15.8M 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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