Bank failure · SD
First State Bank of Sisseton (Sisseton, SD) — failed May 7, 1987
First State Bank of Sisseton of Sisseton, South Dakota was closed on May 7, 1987 and resolved through a purchase and assumption. Farmers&merchants B&t Co (SD) took over its insured deposits. At failure it held $20.1M in assets and $19.4M in deposits. The FDIC's estimated loss on the failure is $4.5M (22.3% of assets).
- Closing date
- May 7, 1987
- FDIC certificate #
- 506
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Farmers&merchants B&t Co
- Insurance fund
- FDIC
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