Data / Bank failures / 1987 / The First State Bank
The First State Bank, Rockford, IA: failed March 4, 1987
The First State Bank in Rockford, Iowa, failed on March 4, 1987. First Security BANK&TRUS of Charles City, IA, took over its deposits. It held $15.8 million in assets and $15.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $1.4 million (9% of its assets). By assets it was the 169th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- March 4, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Security BANK&TRUS, Charles City, IA
- Total assets
- $15,754,000
- Total deposits
- $15,205,000
- Estimated cost to the FDIC
- $1,418,307 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 9101
Other bank failures in Iowa, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| 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 |
| Northwest FS&LA (assistance) | Spencer | December 30, 1988 | $129.1 million | $144.6 million | $66.5 million | Northwest FSB |
| First Financial SB (assistance) | Des Moines | December 28, 1988 | $262.7 million | $211.4 million | $85.7 million | Metropolitan Federal Bank O |
| Midamerica SB (assistance) | Waterloo | December 12, 1988 | $244.3 million | $232.3 million | $14 million | Midamerica Savings Bank |
| Pisgah Savings Bank | Pisgah | September 1, 1988 | $9.7 million | $9.3 million | $3 million | Iowa Savings Bank |
Other failed banks First Security BANK&TRUS took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Aredale State Bank | Aredale | IA | January 20, 1988 | $9.6 million | $9.1 million | $313,305 | First Security BANK&TRUS |
All bank failures in 1987 · All bank failures in Iowa · Every failed bank First Security BANK&TRUS 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.