Bank Failure
The First State Bank
Closed February 12, 1988 · White Cloud, MI · FDIC Cert #10155.
- Closing date
- February 12, 1988
- Headquarters
- White Cloud, MI
- FDIC Certificate
- 10155
- Total assets at closing
- $36.4M
- Total deposits at closing
- $37.4M
- Estimated loss to DIF
- $10.5M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Peoples STB of St Joseph
Context
On February 12, 1988, regulators closed The First State Bank, headquartered in White Cloud, MI. At closing, the institution held approximately $36.4M in assets and $37.4M in deposits. The FDIC arranged a resolution under which Peoples STB of St Joseph acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $10.5M.
By assets at closing this is the 1883rd largest of the 3,526 bank failures in the FDIC record, and the 112th of 232 in 1988. 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 First State Bank fail?
The First State Bank was closed by regulators on February 12, 1988.
Who acquired The First State Bank?
Peoples STB of St Joseph acquired the failed bank's deposits and operations on February 12, 1988 under an FDIC-brokered resolution.
How big was The First State Bank when it failed?
The First State Bank had approximately $36.4M in total assets and $37.4M in deposits at the time of failure.
Other 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 · MI bank events · 1988 events · events hub