# THE STEELE STATE BANK

> **Failed bank** · CHEROKEE, IA · failed 1985-01-25 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $3M

## What happened

THE STEELE STATE BANK of CHEROKEE, IA was closed by regulators 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
- **Estimated FDIC DIF cost:** $3M
- **Deposits at failure:** $21M
- **Assets at failure:** $22M
- **Acquiring bank:** VALLEY BANK&TRUST (CHEROKEE, IA)

## Primary source

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

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, THE STEELE STATE BANK (FDIC ID 956), failed 1985-01-25. Retrieved via AI Analytics 2026-05-16 from https://api.ai-analytics.org/failed-bank/956.

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