Bank Failure
The Steele State Bank
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Closed January 25, 1985 · Cherokee, IA · FDIC Cert #17833.
- Closing date
- January 25, 1985
- Headquarters
- Cherokee, IA
- FDIC Certificate
- 17833
- Total assets at closing
- $21.9M
- Total deposits at closing
- $20.6M
- Estimated loss to the insurance fund
- $3.3M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Valley Bank&trust
Context
On January 25, 1985, regulators closed The Steele State Bank, headquartered in Cherokee, IA. At closing, the institution held approximately $21.9M in assets and $20.6M in deposits. The FDIC record names Valley Bank&trust as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $3.3M.
By assets at closing this is the 2272nd largest of the 3,526 bank failures in the FDIC record, and the 71st of 139 in 1985. 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 Steele State Bank fail?
The Steele State Bank was closed by regulators on January 25, 1985.
Who acquired The Steele State Bank?
The FDIC record names Valley Bank&trust as the acquiring institution in the resolution of The Steele State Bank.
How big was The Steele State Bank when it failed?
The Steele State Bank had approximately $21.9M in total assets and $20.6M in deposits at the time of failure.
Other failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
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