Bank Failure
Rocky Mountain State Bank
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Closed August 28, 1987 · Salt Lake City, UT · FDIC Cert #22222.
- Closing date
- August 28, 1987
- Headquarters
- Salt Lake City, UT
- FDIC Certificate
- 22222
- Total assets at closing
- $18.6M
- Total deposits at closing
- $17.9M
- Estimated loss to the insurance fund
- $3.0M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citibank Utah
Context
On August 28, 1987, regulators closed Rocky Mountain State Bank, headquartered in Salt Lake City, UT. At closing, the institution held approximately $18.6M in assets and $17.9M in deposits. The FDIC record names Citibank Utah as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $3.0M.
By assets at closing this is the 2397th largest of the 3,526 bank failures in the FDIC record, and the 115th 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 Rocky Mountain State Bank fail?
Rocky Mountain State Bank was closed by regulators on August 28, 1987.
Who acquired Rocky Mountain State Bank?
The FDIC record names Citibank Utah as the acquiring institution in the resolution of Rocky Mountain State Bank.
How big was Rocky Mountain State Bank when it failed?
Rocky Mountain State Bank had approximately $18.6M in total assets and $17.9M 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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