FDIC Open-Bank Assistance
The American State Bank
BankRegReports is independent of The American State Bank and never asks for online banking logins or passwords.
Assistance provided May 18, 1988 · Yankton, SD · FDIC Cert #6086.
- Assistance date
- May 18, 1988
- Headquarters
- Yankton, SD
- FDIC Certificate
- 6086
- Total assets at the time
- $62.1M
- Total deposits at the time
- $59.0M
- Estimated loss to the insurance fund
- $265K
- Insurance fund
- FDIC insurance fund
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- First Dakota National Bank
Context
On May 18, 1988, the FDIC provided open-bank assistance to The American State Bank, headquartered in Yankton, SD. The institution continued operating. At the time it held approximately $62.1M in assets and $59.0M in deposits. The FDIC record names First Dakota National Bank as the acquiring institution in the assisted transaction. The estimated cost to the FDIC insurance fund was approximately $265K.
The FDIC record for 1988 holds 232 failures and 238 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 The American State Bank?
The American State Bank received FDIC open-bank assistance on May 18, 1988; it did not fail.
How big was The American State Bank at the time of assistance?
The American State Bank had approximately $62.1M in total assets and $59.0M in deposits at the time of assistance.
Bank 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 |
Explore: all failures · SD bank events · 1988 events · events hub