Bank Failure
The Bank of Red Oak
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Closed December 16, 1983 · Red Oak, OK · FDIC Cert #431.
- Closing date
- December 16, 1983
- Headquarters
- Red Oak, OK
- FDIC Certificate
- 431
- Total assets at closing
- $11.1M
- Total deposits at closing
- $10.5M
- Estimated loss to the insurance fund
- $2.8M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Farmers State Bank
Context
On December 16, 1983, regulators closed The Bank of Red Oak, headquartered in Red Oak, OK. At closing, the institution held approximately $11.1M in assets and $10.5M in deposits. The FDIC record names Farmers State Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $2.8M.
By assets at closing this is the 2726th largest of the 3,526 bank failures in the FDIC record, and the 44th of 50 in 1983. 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 Bank of Red Oak fail?
The Bank of Red Oak was closed by regulators on December 16, 1983.
Who acquired The Bank of Red Oak?
The FDIC record names Farmers State Bank as the acquiring institution in the resolution of The Bank of Red Oak.
How big was The Bank of Red Oak when it failed?
The Bank of Red Oak had approximately $11.1M in total assets and $10.5M in deposits at the time of failure.
Other failures in 1983
| Date | Bank | Assets |
|---|---|---|
| Dec 13, 1983 | Bank of Hackleburg | $6.5M |
| Dec 9, 1983 | Union Trust Company | $30.6M |
| Dec 2, 1983 | Metro FS&LA | $27.4M |
| Nov 25, 1983 | Atkinson Trust & Savings Bank | $21.1M |
| Nov 11, 1983 | First Nat BK of Browning | $13.7M |
| Nov 3, 1983 | State of Clovis, Sa | $30.9M |
| Oct 28, 1983 | Cleveland Community Savings Co. | $21.0M |
| Oct 14, 1983 | The First Nat BK of Midland | $1.41B |
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