Data / Bank failures / 1988 / Pisgah Savings Bank
Pisgah Savings Bank, Pisgah, IA: failed September 1, 1988
Pisgah Savings Bank in Pisgah, Iowa, failed on September 1, 1988. Iowa Savings Bank of Woodbine, IA, took over its deposits. It held $9.7 million in assets and $9.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3 million (30.8% of its assets). By assets it was the 437th 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
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Iowa Savings Bank, Woodbine, IA
- Total assets
- $9,672,000
- Total deposits
- $9,315,000
- Estimated cost to the FDIC
- $2,976,239 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 14483
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 |
Other failed banks Iowa Savings Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| First National Bank of Woodbine | Woodbine | IA | February 7, 1985 | $25.8 million | $25.8 million | $7.3 million | Iowa Savings Bank |
All bank failures in 1988 · All bank failures in Iowa · Every failed bank Iowa Savings Bank took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. 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.