Bank Failure
Swift County Bank
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Closed June 14, 1985 · Benson, MN · FDIC Cert #1602.
- Closing date
- June 14, 1985
- Headquarters
- Benson, MN
- FDIC Certificate
- 1602
- Total assets at closing
- $41.6M
- Total deposits at closing
- $38.0M
- Estimated loss to the insurance fund
- $8.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Security STB Sleep
Context
On June 14, 1985, regulators closed Swift County Bank, headquartered in Benson, MN. At closing, the institution held approximately $41.6M in assets and $38.0M in deposits. The FDIC record names First Security STB Sleep as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $8.4M.
By assets at closing this is the 1786th largest of the 3,526 bank failures in the FDIC record, and the 36th of 139 in 1985. 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 Swift County Bank fail?
Swift County Bank was closed by regulators on June 14, 1985.
Who acquired Swift County Bank?
The FDIC record names First Security STB Sleep as the acquiring institution in the resolution of Swift County Bank.
How big was Swift County Bank when it failed?
Swift County Bank had approximately $41.6M in total assets and $38.0M in deposits at the time of failure.
Other failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
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