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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 HQ Assets
Dec 18, 1992 The Rushville National Bank Rushville, IN $41.6M
Dec 18, 1992 The Bremen State Bank Bremen, KS $2.7M
Dec 11, 1992 Meritor Savings Bank Philadelphia, PA $4.13B
Dec 11, 1992 Eastland Savings Bank Woonsocket, RI $515.3M
Dec 11, 1992 Eastland Bank Woonsocket, RI $85.4M
Dec 11, 1992 Sailors & Merchants B&T Co. Vienna, VA $34.8M
Dec 8, 1992 Palm Beach FSA Palm Beach Garden, FL $59.4M
Dec 4, 1992 Carteret FSB Madison, NJ $4.83B