Bank Failure
The Citizens Bank
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Closed September 24, 1987 · Drumright, OK · FDIC Cert #425.
- Closing date
- September 24, 1987
- Headquarters
- Drumright, OK
- FDIC Certificate
- 425
- Total assets at closing
- $35.1M
- Total deposits at closing
- $33.4M
- Estimated loss to the insurance fund
- $14.6M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- American NB of Bristow
Context
On September 24, 1987, regulators closed The Citizens Bank, headquartered in Drumright, OK. At closing, the institution held approximately $35.1M in assets and $33.4M in deposits. The FDIC record names American NB of Bristow as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $14.6M.
By assets at closing this is the 1910th largest of the 3,526 bank failures in the FDIC record, and the 75th of 217 in 1987. 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 Citizens Bank fail?
The Citizens Bank was closed by regulators on September 24, 1987.
Who acquired The Citizens Bank?
The FDIC record names American NB of Bristow as the acquiring institution in the resolution of The Citizens Bank.
How big was The Citizens Bank when it failed?
The Citizens Bank had approximately $35.1M in total assets and $33.4M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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