CITIZENS STATE BK OF GIBBON Failed 1988
What happened
CITIZENS STATE BK OF GIBBON of GIBBON, MN was closed on 1988-03-18. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to MINNESOTA VALLEY BANK (REDWOOD FALLS, MN). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1653
- FDIC Certificate
- 13640
- FDIC FIN
- 2797
- Bank name
- CITIZENS STATE BK OF GIBBON
- Location
- GIBBON, MN
- Failure date
- 1988-03-18
- FDIC resolution date
- 1988-03-18
- 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
- $15M
- Assets at failure
- $15M
- Acquiring bank
- MINNESOTA VALLEY BANK (REDWOOD FALLS, MN)