Bank Failure
Sandy State Bank
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Closed May 27, 1988 · Sandy, UT · FDIC Cert #22511.
- Closing date
- May 27, 1988
- Headquarters
- Sandy, UT
- FDIC Certificate
- 22511
- Total assets at closing
- $8.9M
- Total deposits at closing
- $8.0M
- Estimated loss to the insurance fund
- $1.9M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Zions First National Ban
Context
On May 27, 1988, regulators closed Sandy State Bank, headquartered in Sandy, UT. At closing, the institution held approximately $8.9M in assets and $8.0M in deposits. The FDIC record names Zions First National Ban as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $1.9M.
By assets at closing this is the 2830th largest of the 3,526 bank failures in the FDIC record, and the 216th 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 Sandy State Bank fail?
Sandy State Bank was closed by regulators on May 27, 1988.
Who acquired Sandy State Bank?
The FDIC record names Zions First National Ban as the acquiring institution in the resolution of Sandy State Bank.
How big was Sandy State Bank when it failed?
Sandy State Bank had approximately $8.9M in total assets and $8.0M 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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