Data / Bank failures / 1983 / The Bank of Red Oak
The Bank of Red Oak, Red Oak, OK: failed December 16, 1983
The Bank of Red Oak in Red Oak, Oklahoma, failed on December 16, 1983. Farmers State Bank of Quinton, OK, took over its deposits. It held $11.1 million in assets and $10.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.8 million (25.2% of its assets). By assets it was the 93rd largest of 99 banks closed or assisted in 1983.
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The FDIC's record
- Closed
- December 16, 1983
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Farmers State Bank, Quinton, OK
- Total assets
- $11,135,000
- Total deposits
- $10,489,000
- Estimated cost to the FDIC
- $2,805,574 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 431
Other bank failures in Oklahoma, 1981 to 1985
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| The Farmers and Merchants National Bank of | Hennessy | December 5, 1985 | $28.7 million | $27.5 million | $5.5 million | |
| The Dill State Bank | Dill City | November 21, 1985 | $15.5 million | $14.3 million | $6.9 million | Home State Bank |
| First State Bank | Jet | October 18, 1985 | $12.3 million | $11.5 million | $5.6 million | Cleo State Bank |
| Farmers State Bank in Afton | Afton | October 17, 1985 | $10.8 million | $9.9 million | $2.8 million | Security BANK&TRUST Co |
| Bank of Canton | Canton | October 10, 1985 | $22.4 million | $20.6 million | $8.6 million | Community State Bank of Can |
| The First Nationlal Bank in Terral | Terral | September 27, 1985 | $4.1 million | $3.9 million | $1.7 million | |
| Security Bank & Trust Company | Midwest City | August 8, 1985 | $35 million | $33.4 million | $6.9 million | Security Bank of MW Cty |
| Crossroads State Bank | Oklahoma City | July 11, 1985 | $17.8 million | $17.1 million | $6.9 million |
Other failed banks Farmers State Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| The First National Bank of Worth | Wortham | TX | February 14, 1991 | $7.3 million | $7.7 million | $2.1 million | Farmers State Bank |
| The Garnett S & L Assoc. | Garnett | KS | December 7, 1989 | $13.6 million | $14.5 million | $794,302 | Farmers State Bank |
| The Falun State Bank (assistance) | Falun | KS | December 29, 1987 | $3.1 million | $3.1 million | $50,000 | Farmers State Bank |
| Bank of Panama | Panama | NE | December 19, 1985 | $4.4 million | $4.3 million | $1.4 million | Farmers State Bank |
All bank failures in 1983 · All bank failures in Oklahoma · Every failed bank Farmers State 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.