Bank Failure
State Bank of Morgan
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Closed March 18, 1988 · Morgan, MN · FDIC Cert #1930.
- Closing date
- March 18, 1988
- Headquarters
- Morgan, MN
- FDIC Certificate
- 1930
- Total assets at closing
- $20.3M
- Total deposits at closing
- $20.0M
- Estimated loss to the insurance fund
- $2.2M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Farmers&merchants STB SP
Context
On March 18, 1988, regulators closed State Bank of Morgan, headquartered in Morgan, MN. At closing, the institution held approximately $20.3M in assets and $20.0M in deposits. The FDIC record names Farmers&merchants STB SP as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $2.2M.
By assets at closing this is the 2331st largest of the 3,526 bank failures in the FDIC record, and the 153rd 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 State Bank of Morgan fail?
State Bank of Morgan was closed by regulators on March 18, 1988.
Who acquired State Bank of Morgan?
The FDIC record names Farmers&merchants STB SP as the acquiring institution in the resolution of State Bank of Morgan.
How big was State Bank of Morgan when it failed?
State Bank of Morgan had approximately $20.3M in total assets and $20.0M 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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