Bank Failure
First State Sa
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Closed April 3, 1992 · Sedalia, MO · FDIC Cert #29584.
- Closing date
- April 3, 1992
- Headquarters
- Sedalia, MO
- FDIC Certificate
- 29584
- Total assets at closing
- $166.1M
- Total deposits at closing
- $163.9M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $2K is not consistent with a failure of this size)
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Mercantile Bank of Sedalia
Context
On April 3, 1992, regulators closed First State Sa, headquartered in Sedalia, MO. At closing, the institution held approximately $166.1M in assets and $163.9M in deposits. The FDIC record names Mercantile Bank of Sedalia as the acquiring institution in the resolution.
By assets at closing this is the 874th largest of the 3,526 bank failures in the FDIC record, and the 66th of 179 in 1992. 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 Sa fail?
First State Sa was closed by regulators on April 3, 1992.
Who acquired First State Sa?
The FDIC record names Mercantile Bank of Sedalia as the acquiring institution in the resolution of First State Sa.
How big was First State Sa when it failed?
First State Sa had approximately $166.1M in total assets and $163.9M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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