PEOPLES STATE BANK Failed 1987
What happened
PEOPLES STATE BANK of TURKEY, TX was closed on 1987-04-30. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to MEMPHIS STATE BANK (MEMPHIS, TX). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1425
- FDIC Certificate
- 16098
- FDIC FIN
- 2682
- Bank name
- PEOPLES STATE BANK
- Location
- TURKEY, TX
- Failure date
- 1987-04-30
- FDIC resolution date
- 1987-04-30
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $1M
- Deposits at failure
- $6M
- Assets at failure
- $6M
- Acquiring bank
- MEMPHIS STATE BANK (MEMPHIS, TX)
Other banks MEMPHIS STATE BANK acquired in FDIC resolutions