Bank Failure
Mingo Trust & Savings Bank
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Closed September 1, 1988 · Mingo, IA · FDIC Cert #5798.
- Closing date
- September 1, 1988
- Headquarters
- Mingo, IA
- FDIC Certificate
- 5798
- Total assets at closing
- $12.1M
- Total deposits at closing
- $11.4M
- Estimated loss to the insurance fund
- $775K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Exchange State Bank
Context
On September 1, 1988, regulators closed Mingo Trust & Savings Bank, headquartered in Mingo, IA. At closing, the institution held approximately $12.1M in assets and $11.4M in deposits. The FDIC record names Exchange State Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $775K.
By assets at closing this is the 2682nd largest of the 3,526 bank failures in the FDIC record, and the 193rd 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 Mingo Trust & Savings Bank fail?
Mingo Trust & Savings Bank was closed by regulators on September 1, 1988.
Who acquired Mingo Trust & Savings Bank?
The FDIC record names Exchange State Bank as the acquiring institution in the resolution of Mingo Trust & Savings Bank.
How big was Mingo Trust & Savings Bank when it failed?
Mingo Trust & Savings Bank had approximately $12.1M in total assets and $11.4M 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 |
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