Data / Bank failures / 1988 / First Financial SB
First Financial SB, Des Moines, IA: received FDIC assistance December 28, 1988
First Financial SB in Des Moines, Iowa, received open bank assistance from the FDIC on December 28, 1988. It held $262.7 million in assets and $211.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $85.7 million (32.6% of its assets). By assets it was the 81st largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- December 28, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Metropolitan Federal Bank O, Mason City, IA
- Total assets
- $262,690,000
- Total deposits
- $211,449,000
- Estimated cost to the FDIC
- $85,658,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 31244
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 |
All bank failures in 1988 · All bank failures in Iowa · 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.