Bank Failure
The Burr Oak State Bank
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Closed August 31, 1989 · Burr Oak, KS · FDIC Cert #9657.
- Closing date
- August 31, 1989
- Headquarters
- Burr Oak, KS
- FDIC Certificate
- 9657
- Total assets at closing
- $4.4M
- Total deposits at closing
- $4.1M
- Estimated loss to the insurance fund
- $457K
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First National Bank in Mank
Context
On August 31, 1989, regulators closed The Burr Oak State Bank, headquartered in Burr Oak, KS. At closing, the institution held approximately $4.4M in assets and $4.1M in deposits. The FDIC record names First National Bank in Mank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $457K.
By assets at closing this is the 3011th largest of the 3,526 bank failures in the FDIC record, and the 527th of 530 in 1989. 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 Burr Oak State Bank fail?
The Burr Oak State Bank was closed by regulators on August 31, 1989.
Who acquired The Burr Oak State Bank?
The FDIC record names First National Bank in Mank as the acquiring institution in the resolution of The Burr Oak State Bank.
How big was The Burr Oak State Bank when it failed?
The Burr Oak State Bank had approximately $4.4M in total assets and $4.1M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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