Data / Bank failures / 1988 / Forest City Bank & Trust Co.
Forest City Bank & Trust Co., Forest City, IA: failed May 6, 1988
Forest City Bank & Trust Co. in Forest City, Iowa, failed on May 6, 1988. Liberty BANK&TRUST of Forest City, IA, took over its deposits. It held $26.6 million in assets and $26.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $733,032 (2.8% of its assets). By assets it was the 351st largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- May 6, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Liberty BANK&TRUST, Forest City, IA
- Total assets
- $26,597,000
- Total deposits
- $26,492,000
- Estimated cost to the FDIC
- $733,032 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- FDIC
- FDIC certificate
- 15745
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.