Bank Failure
People's State Bank of Mazeppa
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Closed August 21, 1987 · Mazeppa, MN · FDIC Cert #9753.
- Closing date
- August 21, 1987
- Headquarters
- Mazeppa, MN
- FDIC Certificate
- 9753
- Total assets at closing
- $21.6M
- Total deposits at closing
- $20.2M
- Estimated loss to the insurance fund
- $4.9M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First State Bank of Red
Context
On August 21, 1987, regulators closed People's State Bank of Mazeppa, headquartered in Mazeppa, MN. At closing, the institution held approximately $21.6M in assets and $20.2M in deposits. The FDIC record names First State Bank of Red as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $4.9M.
By assets at closing this is the 2282nd largest of the 3,526 bank failures in the FDIC record, and the 104th of 217 in 1987. 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 People's State Bank of Mazeppa fail?
People's State Bank of Mazeppa was closed by regulators on August 21, 1987.
Who acquired People's State Bank of Mazeppa?
The FDIC record names First State Bank of Red as the acquiring institution in the resolution of People's State Bank of Mazeppa.
How big was People's State Bank of Mazeppa when it failed?
People's State Bank of Mazeppa had approximately $21.6M in total assets and $20.2M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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