Bank Failure
First State Bank
Closed February 11, 1988 · Oilton, OK · FDIC Cert #19303.
- Closing date
- February 11, 1988
- Headquarters
- Oilton, OK
- FDIC Certificate
- 19303
- Total assets at closing
- $13.2M
- Total deposits at closing
- $13.3M
- Estimated loss to DIF
- $3.1M
- Resolution
- Failure (closed by regulators)
- Acquirer
- American NB of Bristow
Context
On February 11, 1988, regulators closed First State Bank, headquartered in Oilton, OK. At closing, the institution held approximately $13.2M in assets and $13.3M in deposits. The FDIC arranged a resolution under which American NB of Bristow acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $3.1M.
By assets at closing this is the 2627th largest of the 3,524 bank failures in the FDIC record, and the 184th of 232 in 1988. 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 February 11, 1988.
Who acquired First State Bank?
American NB of Bristow acquired the failed bank's deposits and operations on February 11, 1988 under an FDIC-brokered resolution.
How big was First State Bank when it failed?
First State Bank had approximately $13.2M in total assets and $13.3M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
Explore: all failures · OK bank events · 1988 events · events hub