Bank Failure
First State Bank
Closed March 27, 1986 · White Cloud, KS · FDIC Cert #17616.
- Closing date
- March 27, 1986
- Headquarters
- White Cloud, KS
- FDIC Certificate
- 17616
- Total assets at closing
- $6.1M
- Total deposits at closing
- $5.6M
- Estimated loss to DIF
- $1.4M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Silver Lake Bank
Context
On March 27, 1986, regulators closed First State Bank, headquartered in White Cloud, KS. At closing, the institution held approximately $6.1M in assets and $5.6M in deposits. The FDIC arranged a resolution under which Silver Lake Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $1.4M.
By assets at closing this is the 2949th largest of the 3,524 bank failures in the FDIC record, and the 152nd of 162 in 1986. 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 March 27, 1986.
Who acquired First State Bank?
Silver Lake Bank acquired the failed bank's deposits and operations on March 27, 1986 under an FDIC-brokered resolution.
How big was First State Bank when it failed?
First State Bank had approximately $6.1M in total assets and $5.6M in deposits at the time of failure.
Other failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
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