Bank Failure
Citizens State Bank
Closed January 26, 1989 · Earth, TX · FDIC Cert #17063.
- Closing date
- January 26, 1989
- Headquarters
- Earth, TX
- FDIC Certificate
- 17063
- Total assets at closing
- $15.6M
- Total deposits at closing
- $14.9M
- Estimated loss to DIF
- $4.3M
- Resolution
- Failure (closed by regulators)
- Acquirer
- The First State Bank of Dim
Context
On January 26, 1989, regulators closed Citizens State Bank, headquartered in Earth, TX. At closing, the institution held approximately $15.6M in assets and $14.9M in deposits. The FDIC arranged a resolution under which The First State Bank of Dim acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $4.3M.
By assets at closing this is the 2510th largest of the 3,524 bank failures in the FDIC record, and the 463rd 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 State Bank fail?
Citizens State Bank was closed by regulators on January 26, 1989.
Who acquired Citizens State Bank?
The First State Bank of Dim acquired the failed bank's deposits and operations on January 26, 1989 under an FDIC-brokered resolution.
How big was Citizens State Bank when it failed?
Citizens State Bank had approximately $15.6M in total assets and $14.9M 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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