Data / Bank failures / 1988 / First Federal Savings Bank
First Federal Savings Bank, Shenadoah, IA: received FDIC assistance August 11, 1988
First Federal Savings Bank in Shenadoah, Iowa, received open bank assistance from the FDIC on August 11, 1988. It held $20.7 million in assets and $22.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.2 million (10.4% of its assets). By assets it was the 380th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- August 11, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- First FS&LA of Lincoln-Iowa, Council Bluffs, IA
- Total assets
- $20,663,000
- Total deposits
- $22,676,000
- Estimated cost to the FDIC
- $2,151,543 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- FSLIC
- FDIC certificate
- 29050
Other bank failures in Iowa, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Statesman Bank for Savings, FSB | Des Moines | July 27, 1990 | $540.4 million | $445.1 million | $20.4 million | |
| Sun Federal Savings Assoc. | Fort Dodge | March 16, 1990 | $24.3 million | $19 million | $1.8 million | Ida County State Bank |
| American Federal Savings Assoc. | Des Moines | February 9, 1990 | $910.7 million | $817.9 million | $23.5 million | |
| First Central Federal Savings Bank | Chariton | January 4, 1990 | $112.8 million | $104.9 million | $372,113 | |
| 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 |
Other failed banks First FS&LA of Lincoln-Iowa took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Western FS&LA (assistance) | Council Bluffs | IA | August 11, 1988 | $23.9 million | $39.1 million | $11.7 million | First FS&LA of Lincoln-Iowa |
All bank failures in 1988 · All bank failures in Iowa · Every failed bank First FS&LA of Lincoln-Iowa 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.