Data / Bank failures / 1988 / First State Bank
First State Bank, Seminole, OK: failed September 29, 1988
First State Bank in Seminole, Oklahoma, failed on September 29, 1988. First State Bank of Harrah, OK, took over its deposits. It held $12.2 million in assets and $11.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $1.6 million (13.2% of its assets). By assets it was the 423rd largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- September 29, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First State Bank, Harrah, OK
- Total assets
- $12,224,000
- Total deposits
- $11,253,000
- Estimated cost to the FDIC
- $1,618,129 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 8979
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 First State Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Farmers' and Traders' State Bank | Shabbona | IL | June 8, 2012 | $43.1 million | $42.3 million | $10.2 million | First State Bank |
| Valley Community Bank | ST. Charles | IL | February 25, 2011 | $123.8 million | $124.2 million | $28.3 million | First State Bank |
| First National Bank of Cedar Hill | Cedar Hill | TX | May 16, 1991 | $11 million | $11.1 million | $2.6 million | First State Bank |
| First Fsa of Wewoka | Wewoka | OK | March 8, 1991 | $32.9 million | $27.9 million | $5.2 million | First State Bank |
| Bank of Meeker | Meeker | OK | March 15, 1990 | $15.5 million | $15.5 million | $3.8 million | First State Bank |
| Citizens Bank and Trust | Calvert | TX | March 9, 1989 | $14.2 million | $16.8 million | $5.3 million | First State Bank |
| The First National Bank of Gracemont | Gracemont | OK | November 10, 1988 | $6.6 million | $6.8 million | $1 million | First State Bank |
| Round Rock National Bank | Round Rock | TX | October 27, 1988 | $37 million | $37.1 million | $20 million | First State Bank |
All bank failures in 1988 · All bank failures in Oklahoma · Every failed bank First State Bank 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.