Bank Failure

First State Bank of Rollingstone

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Closed September 11, 1987 · Rollingstone, MN · FDIC Cert #9768.

Closing date: September 11, 1987
Headquarters: Rollingstone, MN
FDIC Certificate: 9768
Total assets at closing: $15.2M
Total deposits at closing: $14.4M
Estimated loss to the insurance fund: $3.0M
Insurance fund: FDIC insurance fund
Resolution: Failure (closed by regulators)
Acquirer: Eastwood Bank St Charles

Context

On September 11, 1987, regulators closed First State Bank of Rollingstone, headquartered in Rollingstone, MN. At closing, the institution held approximately $15.2M in assets and $14.4M in deposits. The FDIC record names Eastwood Bank St Charles as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $3.0M.

By assets at closing this is the 2530th largest of the 3,526 bank failures in the FDIC record, and the 133rd 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 Rollingstone fail?

First State Bank of Rollingstone was closed by regulators on September 11, 1987.

Who acquired First State Bank of Rollingstone?

The FDIC record names Eastwood Bank St Charles as the acquiring institution in the resolution of First State Bank of Rollingstone.

How big was First State Bank of Rollingstone when it failed?

First State Bank of Rollingstone had approximately $15.2M in total assets and $14.4M 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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