Data / Bank failures / 1987 / Farmers State Bank
Farmers State Bank, Kanawha, IA: failed July 30, 1987
Farmers State Bank in Kanawha, Iowa, failed on July 30, 1987. First NB of Clarion of Clarion, IA, took over its deposits. It held $15.9 million in assets and $15.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.4 million (15.1% of its assets). By assets it was the 168th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- July 30, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First NB of Clarion, Clarion, IA
- Total assets
- $15,870,000
- Total deposits
- $15,347,000
- Estimated cost to the FDIC
- $2,389,419 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 13152
Other bank failures in Iowa, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Banc Iowa Federal Savings Bank | Cedar Rapids | October 16, 1989 | $161.9 million | $140.2 million | $21.9 million | |
| Sioux Valley S & La | Cherokee | April 6, 1989 | $61.8 million | $90.8 million | $41.9 million | |
| First FS & La of Estherville | Estherville | April 6, 1989 | $60.6 million | $58.9 million | $9.7 million | |
| Home FS&LA (assistance) | Spencer | December 30, 1988 | $46.5 million | $51.6 million | $9 million | Northwest FSB |
| Northwest FS&LA (assistance) | Spencer | December 30, 1988 | $129.1 million | $144.6 million | $66.5 million | Northwest FSB |
| First Financial SB (assistance) | Des Moines | December 28, 1988 | $262.7 million | $211.4 million | $85.7 million | Metropolitan Federal Bank O |
| Midamerica SB (assistance) | Waterloo | December 12, 1988 | $244.3 million | $232.3 million | $14 million | Midamerica Savings Bank |
| Pisgah Savings Bank | Pisgah | September 1, 1988 | $9.7 million | $9.3 million | $3 million | Iowa Savings Bank |
Other failed banks First NB of Clarion took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Latimer Bank & Trust | Latimer | IA | January 15, 1987 | $23.2 million | $22 million | $3.2 million | First NB of Clarion |
All bank failures in 1987 · All bank failures in Iowa · Every failed bank First NB of Clarion 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.