Data / Bank failures / 1988 / Mingo Trust & Savings Bank
Mingo Trust & Savings Bank, Mingo, IA: failed September 1, 1988
Mingo Trust & Savings Bank in Mingo, Iowa, failed on September 1, 1988. Exchange State Bank of Collins, IA, took over its deposits. It held $12.1 million in assets and $11.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $775,307 (6.4% of its assets). By assets it was the 424th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- September 1, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Exchange State Bank, Collins, IA
- Total assets
- $12,060,000
- Total deposits
- $11,419,000
- Estimated cost to the FDIC
- $775,307 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 5798
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.