Data / Bank failures / 1985 / First State Bank of Elgin
First State Bank of Elgin, Elgin, OR: failed April 12, 1985
First State Bank of Elgin in Elgin, Oregon, failed on April 12, 1985. United States NB of Oreg of Portland, OR, took over its deposits. It held $18.2 million in assets and $15.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $4.9 million (27.1% of its assets). By assets it was the 124th largest of 180 banks closed or assisted in 1985.
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The FDIC's record
- Closed
- April 12, 1985
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- United States NB of Oreg, Portland, OR
- Total assets
- $18,169,000
- Total deposits
- $15,775,000
- Estimated cost to the FDIC
- $4,919,080 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 16255
Other bank failures in Oregon, 1983 to 1987
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Lewis and Clark State Bank | Lake Oswego | December 11, 1987 | $20.3 million | $19.8 million | $2.5 million | Key Bank of Oregon |
| Future S&LA | Albany | April 10, 1987 | $57.6 million | $57.7 million | $15.8 million | |
| Umpqua S&LA | Roseburg | January 16, 1987 | $108.2 million | $88.5 million | $11.9 million | |
| Columbia Community Bank | Hermiston | October 3, 1986 | $5.3 million | $5 million | $1 million | Inland Empire Bank |
| Lincoln S&LA (assistance) | Portland | July 23, 1986 | $261.7 million | $230.4 million | $25.2 million | Rainier Bank, NA |
| State FS&LA | Corvallis | December 6, 1985 | $563.9 million | $443.9 million | $249 million | Washington FS&LA |
| Citizens S&LA | Salem | December 4, 1985 | $239.7 million | $153.5 million | $85.2 million | Freedom FS&LA |
| Western Heritage FS&LA (assistance) | Pendleton | August 1, 1985 | $175.1 million | $134 million | $8.8 million | Benj Franklin FS&LA |
Other failed banks United States NB of Oreg took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| United Bank of Oregon | Milwaukie | OR | March 2, 1984 | $17.3 million | $16.1 million | $3.1 million | United States NB of Oreg |
| The Deschutes Bank | Redmond | OR | October 7, 1983 | $10.2 million | $10 million | $4.3 million | United States NB of Oreg |
All bank failures in 1985 · All bank failures in Oregon · Every failed bank United States NB of Oreg 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.