Data / Bank failures / 1987 / The Peoples Bank
The Peoples Bank, Olive Hill, KY: failed December 3, 1987
The Peoples Bank in Olive Hill, Kentucky, failed on December 3, 1987. Commercial Bank of Grays of Grayson, KY, took over its deposits. It held $40.9 million in assets and $39.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $7.6 million (18.6% of its assets). By assets it was the 98th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- December 3, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Commercial Bank of Grays, Grayson, KY
- Total assets
- $40,946,000
- Total deposits
- $39,461,000
- Estimated cost to the FDIC
- $7,609,110 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 8783
Other bank failures in Kentucky, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First FS&LA of Mayfield (assistance) | Mayfield | October 12, 1988 | $51.5 million | $72.8 million | $22.1 million | Republic Savings Bank FSB |
| Larue FS&LA | Hodgenville | June 3, 1988 | $12 million | $16.2 million | $4 million | |
| Morehead National Bank (assistance) | Morehead | March 15, 1988 | $7.6 million | $7.9 million | $974,179 | Morehead National Bank |
| First FS&LA of Paducah | Paducah | March 11, 1988 | $130.9 million | $149.1 million | $31.8 million | |
| Lincoln FS&LA (assistance) | Louisville | December 31, 1986 | $460.8 million | $478.3 million | $93 million | First Nationwide SVG FS&LA |
| Continental National Bank of Kentucky | Louisville | June 26, 1986 | $10.1 million | $10.2 million | $405,098 | River City Bank Inc |
| Union Deposit Bank | Union | June 26, 1986 | $5.8 million | $5 million | $1.3 million | Central Trust Co |
| Home FS&LA (assistance) | Paducah | December 2, 1985 | $106.7 million | $106.1 million | $21.2 million | Republic Savings, FSB |
All bank failures in 1987 · All bank failures in Kentucky · 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.