Data / Bank failures / 1986 / Rainsville Bank
Rainsville Bank, Rainsville, AL: failed May 9, 1986
Rainsville Bank in Rainsville, Alabama, failed on May 9, 1986. Jacobs Bank of Scottsboro, AL, took over its deposits. It held $17.5 million in assets and $16.1 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $565,811 (3.2% of its assets). By assets it was the 145th largest of 204 banks closed or assisted in 1986.
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The FDIC's record
- Closed
- May 9, 1986
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Jacobs Bank, Scottsboro, AL
- Total assets
- $17,489,000
- Total deposits
- $16,081,000
- Estimated cost to the FDIC
- $565,811 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 19216
Other bank failures in Alabama, 1984 to 1988
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Coosa FS&LA (assistance) | Gadsden | September 6, 1988 | $72.1 million | $76.2 million | $13.1 million | Secor Savings Bank FSB |
| Gulf FS&LA (assistance) | Mobile | November 12, 1987 | $6.1 million | $6.5 million | $1.3 million | Gulf Federal Bank A FSB |
| Phenix FS&LA | Phenix City | September 18, 1987 | $225.5 million | $235.5 million | ||
| The Peoples Bank | Collinsville | April 22, 1987 | $11.9 million | $11.9 million | $934,187 | Bank of Geraldine |
| First State Bank of Atmore | Atmore | February 19, 1987 | $12.4 million | $12.4 million | First NB of Atmore | |
| The Commercial Bank (assistance) | Andalusia | August 16, 1985 | $77.8 million | $76.4 million | The Commercial Bank | |
| The First National Bank of Jacksonville | Jacksonville | July 5, 1985 | $43.3 million | $39.6 million | $9.1 million | Amsouth Bank of Jacksonv |
| Cherokee County Bank | Centre | June 5, 1984 | $39.4 million | $37.6 million | $7.1 million | First Albank of Anniston |
All bank failures in 1986 · All bank failures in Alabama · 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.