Bank failure · IA
Farmers Savings Bank (Massena, IA) — failed May 3, 1985
Farmers Savings Bank of Massena, Iowa was closed on May 3, 1985 and resolved through a purchase and assumption. Union National Bank (IA) took over its insured deposits. At failure it held $16.9M in assets and $15.4M in deposits. The FDIC's estimated loss on the failure is $6.4M (37.9% of assets).
- Closing date
- May 3, 1985
- FDIC certificate #
- 16573
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Union National Bank
- Insurance fund
- FDIC
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