Data / Bank failures / 1988 / First State Bank
First State Bank, Oilton, OK: failed February 11, 1988
First State Bank in Oilton, Oklahoma, failed on February 11, 1988. American NB of Bristow of Bristow, OK, took over its deposits. It held $13.2 million in assets and $13.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3.1 million (23.3% of its assets). By assets it was the 414th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- February 11, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- American NB of Bristow, Bristow, OK
- Total assets
- $13,161,000
- Total deposits
- $13,255,000
- Estimated cost to the FDIC
- $3,062,583 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 19303
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 American NB of Bristow took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| The First Nat Bank & Trust Co. of Cushing | Cushing | OK | March 10, 1988 | $60.3 million | $61.2 million | $20 million | American NB of Bristow |
| The Citizens Bank | Drumright | OK | September 24, 1987 | $35.1 million | $33.4 million | $14.6 million | American NB of Bristow |
All bank failures in 1988 · All bank failures in Oklahoma · Every failed bank American NB of Bristow 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.