Bank Failure
Bank of East Texas
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Closed June 21, 1990 · Tyler, TX · FDIC Cert #24864.
- Closing date
- June 21, 1990
- Headquarters
- Tyler, TX
- FDIC Certificate
- 24864
- Total assets at closing
- $11.0M
- Total deposits at closing
- $11.2M
- Estimated loss to the insurance fund
- $3.5M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Chandler State Bank
Context
On June 21, 1990, regulators closed Bank of East Texas, headquartered in Tyler, TX. At closing, the institution held approximately $11.0M in assets and $11.2M in deposits. The FDIC record names Chandler State Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $3.5M.
By assets at closing this is the 2728th largest of the 3,526 bank failures in the FDIC record, and the 359th of 381 in 1990. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Bank of East Texas fail?
Bank of East Texas was closed by regulators on June 21, 1990.
Who acquired Bank of East Texas?
The FDIC record names Chandler State Bank as the acquiring institution in the resolution of Bank of East Texas.
How big was Bank of East Texas when it failed?
Bank of East Texas had approximately $11.0M in total assets and $11.2M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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