THE STEELE STATE BANK Failed 1985

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

What happened

THE STEELE STATE BANK of CHEROKEE, IA was closed on 1985-01-25. The FDIC was named receiver.

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

Deposits were transferred to VALLEY BANK&TRUST (CHEROKEE, IA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
956
FDIC Certificate
17833
FDIC FIN
2439
Bank name
THE STEELE STATE BANK
Location
CHEROKEE, IA
Failure date
1985-01-25
FDIC resolution date
1985-01-25
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.)
$3M
Deposits at failure
$21M
Assets at failure
$22M
Acquiring bank
VALLEY BANK&TRUST (CHEROKEE, IA)