Bank Failure
The Peoples Bank
Closed April 22, 1987 · Collinsville, AL · FDIC Cert #76.
- Closing date
- April 22, 1987
- Headquarters
- Collinsville, AL
- FDIC Certificate
- 76
- Total assets at closing
- $11.9M
- Total deposits at closing
- $11.9M
- Estimated loss to DIF
- $934K
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of Geraldine
Context
On April 22, 1987, regulators closed The Peoples Bank, headquartered in Collinsville, AL. At closing, the institution held approximately $11.9M in assets and $11.9M in deposits. The FDIC arranged a resolution under which Bank of Geraldine acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $934K.
By assets at closing this is the 2693rd largest of the 3,524 bank failures in the FDIC record, and the 160th 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 Peoples Bank fail?
The Peoples Bank was closed by regulators on April 22, 1987.
Who acquired The Peoples Bank?
Bank of Geraldine acquired the failed bank's deposits and operations on April 22, 1987 under an FDIC-brokered resolution.
How big was The Peoples Bank when it failed?
The Peoples Bank had approximately $11.9M in total assets and $11.9M 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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