Bank Failure
MT. Zion State Bank
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Closed November 4, 1988 · Mount Zion, IL · FDIC Cert #10836.
- Closing date
- November 4, 1988
- Headquarters
- Mount Zion, IL
- FDIC Certificate
- 10836
- Total assets at closing
- $26.4M
- Total deposits at closing
- $25.7M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Mount Zion State B&T Co
Context
On November 4, 1988, regulators closed MT. Zion State Bank, headquartered in Mount Zion, IL. At closing, the institution held approximately $26.4M in assets and $25.7M in deposits. The FDIC record names Mount Zion State B&T Co as the acquiring institution in the resolution.
By assets at closing this is the 2139th largest of the 3,526 bank failures in the FDIC record, and the 132nd 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 MT. Zion State Bank fail?
MT. Zion State Bank was closed by regulators on November 4, 1988.
Who acquired MT. Zion State Bank?
The FDIC record names Mount Zion State B&T Co as the acquiring institution in the resolution of MT. Zion State Bank.
How big was MT. Zion State Bank when it failed?
MT. Zion State Bank had approximately $26.4M in total assets and $25.7M 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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