Data / Bank failures / 1987 / The Peoples Bank
The Peoples Bank, Collinsville, AL: failed April 22, 1987
The Peoples Bank in Collinsville, Alabama, failed on April 22, 1987. Bank of Geraldine of Geraldine, AL, took over its deposits. It held $11.9 million in assets and $11.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $934,187 (7.9% of its assets). By assets it was the 202nd largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- April 22, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Bank of Geraldine, Geraldine, AL
- Total assets
- $11,896,000
- Total deposits
- $11,899,000
- Estimated cost to the FDIC
- $934,187 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 76
Other bank failures in Alabama, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| City FS & La | Birmingham | March 30, 1989 | $712 million | $648.2 million | $53.3 million | First Alabama Bank |
| Baldwin County Fed. Savings Bank | Robertsdale | March 30, 1989 | $171.5 million | $156.8 million | $7.3 million | First Alabama Bank |
| Phenix Fed. S & L Assoc. | Phenix City | March 9, 1989 | $150.3 million | $194.8 million | $69.9 million | |
| First Savings Bank of Alabama | Hamilton | March 9, 1989 | $26 million | $24 million | $1.9 million | Southtrust Bank of Marion C |
| Guaranty Fed. S & L Assoc. | Birmingham | February 17, 1989 | $381.3 million | $398.6 million | $55.9 million | Southtrust Affliated Banks |
| 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 |
All bank failures in 1987 · 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.