# PEOPLES STATE BANK

> **Failed bank** · TURKEY, TX · failed 1987-04-30 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $1M

## What happened

PEOPLES STATE BANK of TURKEY, TX was closed by regulators 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
- **Estimated FDIC DIF cost:** $1M
- **Deposits at failure:** $6M
- **Assets at failure:** $6M
- **Acquiring bank:** MEMPHIS STATE BANK (MEMPHIS, TX)

## Other banks MEMPHIS STATE BANK has acquired in FDIC resolutions

- FIRST STATE BANK (MEMPHIS, TX) — failed 1986-03-27 — /failed-bank/1165

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=PEOPLES%20STATE%20BANK

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, PEOPLES STATE BANK (FDIC ID 1425), failed 1987-04-30. Retrieved via AI Analytics 2026-07-12 from https://api.ai-analytics.org/failed-bank/1425.

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