FDIC Open-Bank Assistance
State Bank of Westphalia
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Assistance provided August 15, 1986 · Westphalia, KS · FDIC Cert #15603.
- Assistance date
- August 15, 1986
- Headquarters
- Westphalia, KS
- FDIC Certificate
- 15603
- Total assets at the time
- $4.8M
- Total deposits at the time
- $4.7M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this transaction)
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Kansas State Bank
Context
On August 15, 1986, the FDIC provided open-bank assistance to State Bank of Westphalia, headquartered in Westphalia, KS. The institution continued operating. At the time it held approximately $4.8M in assets and $4.7M in deposits. The FDIC record names Kansas State Bank as the acquiring institution in the assisted transaction.
The FDIC record for 1986 holds 162 failures and 42 open-bank assistance transactions. 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 the FDIC provide assistance to State Bank of Westphalia?
State Bank of Westphalia received FDIC open-bank assistance on August 15, 1986; it did not fail.
How big was State Bank of Westphalia at the time of assistance?
State Bank of Westphalia had approximately $4.8M in total assets and $4.7M in deposits at the time of assistance.
Bank failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
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