Bank Failure
Citizens Bank
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Closed October 12, 1989 · Galveston, TX · FDIC Cert #18876.
- Closing date
- October 12, 1989
- Headquarters
- Galveston, TX
- FDIC Certificate
- 18876
- Total assets at closing
- $31.3M
- Total deposits at closing
- $32.1M
- Estimated loss to the insurance fund
- $5.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of Galveston, National
Context
On October 12, 1989, regulators closed Citizens Bank, headquartered in Galveston, TX. At closing, the institution held approximately $31.3M in assets and $32.1M in deposits. The FDIC record names Bank of Galveston, National as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.4M.
By assets at closing this is the 2020th largest of the 3,526 bank failures in the FDIC record, and the 383rd of 530 in 1989. 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 Citizens Bank fail?
Citizens Bank was closed by regulators on October 12, 1989.
Who acquired Citizens Bank?
The FDIC record names Bank of Galveston, National as the acquiring institution in the resolution of Citizens Bank.
How big was Citizens Bank when it failed?
Citizens Bank had approximately $31.3M in total assets and $32.1M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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