Bank failure · OK

The First National Bank of Gracemont (Gracemont, OK) — failed November 10, 1988

The First National Bank of Gracemont of Gracemont, Oklahoma was closed on November 10, 1988 and resolved through a insured deposit transfer. First State Bank (OK) took over its insured deposits. At failure it held $6.6M in assets and $6.8M in deposits. The FDIC's estimated loss on the failure is $1.0M (15.9% of assets).