Data / Bank failures / 1988 / The First State Bank
The First State Bank, White Cloud, MI: failed February 12, 1988
The First State Bank in White Cloud, Michigan, failed on February 12, 1988. Peoples STB of ST Joseph of ST. Joseph, MI, took over its deposits. It held $36.4 million in assets and $37.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $10.5 million (28.9% of its assets). By assets it was the 316th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- February 12, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Peoples STB of ST Joseph, ST. Joseph, MI
- Total assets
- $36,417,000
- Total deposits
- $37,433,000
- Estimated cost to the FDIC
- $10,541,826 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 10155
Other bank failures in Michigan, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| New Guaranty Fed. S & L Assoc. | Taylor | July 27, 1989 | $212.5 million | $192.5 million | $7.9 million | National Bank of Detroit |
| Peoples Savings Assoc. | ST. Joseph | March 9, 1989 | $107.3 million | $109.4 million | $4,851 | Peoples SB |
| Bloomfield S&LA (assistance) | Birmingham | December 16, 1988 | $688.7 million | $607.4 million | $119.6 million | First Nationwide Bank A FSB |
| First Dearborn (assistance) | Dearborn | December 16, 1988 | $167.3 million | $230.5 million | $78.7 million | First Nationwide Bank A FSB |
| Muskegon FS&LA (assistance) | Muskegon | June 2, 1988 | $204.6 million | $196 million | $2 million | Muskegon FS&LA |
| Family FS&LA (assistance) | Saginaw | October 31, 1986 | $338.9 million | $354.9 million | $17.2 million | Heritage FSB |
All bank failures in 1988 · All bank failures in Michigan · 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.