Bank failure · MI

The First State Bank (White Cloud, MI) — failed February 12, 1988

The First State Bank of White Cloud, Michigan was closed on February 12, 1988 and resolved through a purchase and assumption. Peoples Stb of St Joseph (MI) took over its insured deposits. At failure it held $36.4M in assets and $37.4M in deposits. The FDIC's estimated loss on the failure is $10.5M (28.9% of assets).