Bank failure · IA

The Steele State Bank (Cherokee, IA) — failed January 25, 1985

The Steele State Bank of Cherokee, Iowa was closed on January 25, 1985 and resolved through a purchase and assumption. Valley Bank&trust (IA) took over its insured deposits. At failure it held $21.9M in assets and $20.6M in deposits. The FDIC's estimated loss on the failure is $3.3M (15.1% of assets).