THE FIRST STATE BANK Failed 1988
What happened
THE FIRST STATE BANK of WHITE CLOUD, MI was closed on 1988-02-12. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to PEOPLES STB OF ST JOSEPH (ST. JOSEPH, MI). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1625
- FDIC Certificate
- 10155
- FDIC FIN
- 2784
- Bank name
- THE FIRST STATE BANK
- Location
- WHITE CLOUD, MI
- Failure date
- 1988-02-12
- FDIC resolution date
- 1988-02-12
- 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.)
- $11M
- Deposits at failure
- $37M
- Assets at failure
- $36M
- Acquiring bank
- PEOPLES STB OF ST JOSEPH (ST. JOSEPH, MI)