Data / Bank failures / 1987 / Farmers & Merchants Bank
Farmers & Merchants Bank, Eufaula, OK: failed July 23, 1987
Farmers & Merchants Bank in Eufaula, Oklahoma, failed on July 23, 1987. Citizens NB&T of Muskoge of Muskogee, OK, took over its deposits. It held $11.5 million in assets and $13.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3.5 million (30.8% of its assets). By assets it was the 207th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- July 23, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Citizens NB&T of Muskoge, Muskogee, OK
- Total assets
- $11,499,000
- Total deposits
- $13,920,000
- Estimated cost to the FDIC
- $3,546,103 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 5993
Other bank failures in Oklahoma, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| North Side State Bank | Tulsa | December 14, 1989 | $20.4 million | $21.4 million | $4.5 million | Bank of Tulsa |
| City National Bank of Sayre | Sayre | December 13, 1989 | $21 million | $22.4 million | $3.8 million | First State Bank and Trust |
| Sooner Federal Savings Assoc. | Tulsa | November 16, 1989 | $1.53 billion | $1.15 billion | $152.8 million | First Gibraltar Bank, FSB |
| Great Plains Savings | Weatherford | October 26, 1989 | $99.8 million | $72.5 million | $20 million | Local Federal Bank, FSB |
| Park Avenue Bank, National Assoc | Oklahoma City | October 19, 1989 | $17.9 million | $14.4 million | $775,547 | Founders Bank & Trust Compa |
| North Bank, National Association | Oklahoma City | October 12, 1989 | $12.4 million | $12.9 million | $1.1 million | The Liberty National Bank A |
| American Home S & L | Edmond | October 5, 1989 | $96.7 million | $79.5 million | $13.7 million | Founders B&TC |
| Family Savings Bank, FSB | Sapulpa | October 5, 1989 | $50.9 million | $52.8 million | $4.1 million | American NB&T |
Other failed banks Citizens NB&T of Muskoge took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| American Bank of Muskogee | Muskogee | OK | September 1, 1988 | $28.6 million | $29.8 million | $10.8 million | Citizens NB&T of Muskoge |
All bank failures in 1987 · All bank failures in Oklahoma · Every failed bank Citizens NB&T of Muskoge 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.