Data / Bank failures / 1988 / First FS&LA
First FS&LA, Elk City, OK: failed August 31, 1988
First FS&LA in Elk City, Oklahoma, failed on August 31, 1988. Red River FS&LA of Lawton, OK, took over its deposits. It held $106.7 million in assets and $133 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $95 million (89% of its assets). By assets it was the 182nd largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- August 31, 1988
- Type
- Failure
- Acquirer
- Red River FS&LA, Lawton, OK
- Total assets
- $106,744,000
- Total deposits
- $133,016,000
- Estimated cost to the FDIC
- $95,012,870 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 28648
Other bank failures in Oklahoma, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First State Bank | Lexington | December 13, 1990 | $7.5 million | $7.6 million | $882,935 | The McClain County National |
| The Pawnee National Bank (assistance) | Pawnee | September 12, 1990 | $14.2 million | $14.6 million | $2.3 million | The Pawnee National Bank |
| Broken Arrow Savings Assoc. | Broken Arrow | August 24, 1990 | $26.9 million | $23.2 million | $5 million | Metro Bank of Broken Arrow |
| Capitol Bank & Trust | Oklahoma City | August 16, 1990 | $33.1 million | $32.5 million | $4.1 million | First Fidelity Bank, Nation |
| First National Bank | Purcell | July 26, 1990 | $10.9 million | $11.1 million | $1.5 million | McClain County National Ban |
| Bank of Wilson | Wilson | July 26, 1990 | $13 million | $13 million | $1.8 million | American National Bank |
| American National Bank | Elk City | June 28, 1990 | $14.8 million | $14.8 million | $1.4 million | First Community Bank |
| Brookwood National Bank | Oklahoma City | June 28, 1990 | $26.9 million | $26.8 million | $5.6 million | The Liberty National Bank A |
Other failed banks Red River FS&LA took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Home Savings Bank, FA | Lawton | OK | August 31, 1988 | $264.1 million | $211.5 million | $93.9 million | Red River FS&LA |
| Peoples FS&LA | Ardmore | OK | August 31, 1988 | $49.9 million | $46.8 million | $8.1 million | Red River FS&LA |
All bank failures in 1988 · All bank failures in Oklahoma · Every failed bank Red River FS&LA 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.