# FIRST STATE BANK OF SISSETON

> **Failed bank** · SISSETON, SD · failed 1987-05-07 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $4M

## What happened

FIRST STATE BANK OF SISSETON of SISSETON, SD was closed by regulators 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
- **Estimated FDIC DIF cost:** $4M
- **Deposits at failure:** $19M
- **Assets at failure:** $20M
- **Acquiring bank:** FARMERS&MERCHANTS B&T CO (ABERDEEN, SD)

## Primary source

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

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, FIRST STATE BANK OF SISSETON (FDIC ID 1428), failed 1987-05-07. Retrieved via AI Analytics 2026-06-30 from https://api.ai-analytics.org/failed-bank/1428.

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