Data / Bank failures / 1985 / Peoples State Bank
Peoples State Bank, Odebolt, IA: failed April 26, 1985
Peoples State Bank in Odebolt, Iowa, failed on April 26, 1985. Peoples Savings Bank of Odebolt, IA, took over its deposits. It held $13.5 million in assets and $12.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.3 million (17.2% of its assets). By assets it was the 138th largest of 180 banks closed or assisted in 1985.
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The FDIC's record
- Closed
- April 26, 1985
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Peoples Savings Bank, Odebolt, IA
- Total assets
- $13,541,000
- Total deposits
- $12,654,000
- Estimated cost to the FDIC
- $2,324,563 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 12414
Other bank failures in Iowa, 1983 to 1987
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Climbing Hill Savings Bank | Climbing Hill | December 3, 1987 | $5.4 million | $5.3 million | $646,363 | First TRUST&SAVINGS Bank |
| Farmers State Bank | Kanawha | July 30, 1987 | $15.9 million | $15.3 million | $2.4 million | First NB of Clarion |
| Osceola State Bank & Trust Company | Osceola | April 23, 1987 | $8.6 million | $7.7 million | $1.6 million | American State Bank |
| The First State Bank | Rockford | March 4, 1987 | $15.8 million | $15.2 million | $1.4 million | First Security BANK&TRUS |
| State Bank of Allison | Allison | February 5, 1987 | $17.4 million | $17 million | $1.5 million | Lincoln Savings Bank |
| Latimer Bank & Trust | Latimer | January 15, 1987 | $23.2 million | $22 million | $3.2 million | First NB of Clarion |
| Graettinger State Bank | Graettinger | August 7, 1986 | $11.8 million | $11.5 million | $710,929 | Swea City State Bank |
| Citizens State Bank | Iowa Falls | July 31, 1986 | $54 million | $53.5 million | $4.8 million | Green Belt BANK&TRUST |
Other failed banks Peoples Savings Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Milford Savings Bank | Milford | MA | July 6, 1990 | $328.1 million | $297.8 million | $135.2 million | Peoples Savings Bank |
| First Service Bank for Savings | Leominster | MA | March 31, 1989 | $880.7 million | $683.4 million | $288.2 million | Peoples Savings Bank |
All bank failures in 1985 · All bank failures in Iowa · Every failed bank Peoples Savings 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.