Data / Bank failures / 1987 / Center State Bank
Center State Bank, Center, NE: failed December 3, 1987
Center State Bank in Center, Nebraska, failed on December 3, 1987. FARMERS&MERCHANTS STB BL of Bloomfield, NE, took over its deposits. It held $8.4 million in assets and $8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $1.6 million (19.2% of its assets). By assets it was the 231st largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- December 3, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- FARMERS&MERCHANTS STB BL, Bloomfield, NE
- Total assets
- $8,406,000
- Total deposits
- $8,049,000
- Estimated cost to the FDIC
- $1,611,584 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 9813
Other bank failures in Nebraska, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| The Farmers State Bank | Lyman | September 23, 1989 | $5.7 million | $5.6 million | $1 million | First National Bank in Morr |
| Nile Valley Federal S & L Assoc. | Scottsbluff | February 17, 1989 | $56.3 million | $64.1 million | $38.9 million | First NB&TC of North Platte |
| Occidental/nebraska FSB | Omaha | February 17, 1989 | $677.3 million | $529.9 million | $155.7 million | Firstier Bank, NA, Omaha |
| Equitable Federal Savings Bank | Fremont | February 17, 1989 | $225.2 million | $205.4 million | $28.6 million | Firstier Bank, NA, Omaha |
| Platte Valley FS & La | Gering | February 17, 1989 | $316.8 million | $320.8 million | $181.1 million | First NB&TC of North Platte |
| Midwest Fed. S & L Assoc. | Nebraska City | February 17, 1989 | $139.1 million | $119.7 million | $32 million | American NB |
| Platte Valley FS&LA | Gering | July 21, 1988 | $407.6 million | $400.1 million | ||
| Frenchman Valley Bank | Palisade | March 10, 1988 | $2.8 million | $2.7 million | $601,833 |
Other failed banks FARMERS&MERCHANTS STB BL took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Crofton State Bank | Crofton | NE | December 3, 1987 | $11.6 million | $10.8 million | $1.7 million | FARMERS&MERCHANTS STB BL |
| Bank of Niobrara | Niobrara | NE | July 8, 1983 | $7.2 million | $6.1 million | $2.7 million | FARMERS&MERCHANTS STB BL |
All bank failures in 1987 · All bank failures in Nebraska · Every failed bank FARMERS&MERCHANTS STB BL took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.