FIRST STATE BANK OF SISSETON Failed 1987

SISSETON, SD · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

FIRST STATE BANK OF SISSETON of SISSETON, SD was closed on 1987-05-07. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to FARMERS&MERCHANTS B&T CO (ABERDEEN, SD). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
1428
FDIC Certificate
506
FDIC FIN
2684
Bank name
FIRST STATE BANK OF SISSETON
Location
SISSETON, SD
Failure date
1987-05-07
FDIC resolution date
1987-05-07
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.)
$4M
Deposits at failure
$19M
Assets at failure
$20M
Acquiring bank
FARMERS&MERCHANTS B&T CO (ABERDEEN, SD)