Bank Failure
COMMERCE FS&LA
Closed August 18, 1988 · COMMERCE, TX · FDIC Cert #29390.
- Closing date
- August 18, 1988
- Headquarters
- COMMERCE, TX
- FDIC Certificate
- 29390
- Total assets at closing
- $29,533,000
- Total deposits at closing
- $32,710,000
- Estimated loss to DIF
- $9,877,000
- Resolution type
- other
- Acquirer
- AMERICAN FEDERAL BANK FSB (FDIC Cert #1797)
Context
On August 18, 1988, regulators closed COMMERCE FS&LA, headquartered in COMMERCE, TX. At closing, the institution held approximately $29,533,000 in assets and $32,710,000 in deposits. The FDIC arranged a resolution under which AMERICAN FEDERAL BANK FSB acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $9,877,000.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1988
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1988-12-31 | BROWARD FS&LA | SUNRISE, FL | $535,666,000 |
| 1988-12-31 | PEORIA S&LA | PEORIA, IL | $171,600,000 |
| 1988-12-30 | UNITED SAVINGS ASSOCIATION OF TEXAS | HOUSTON, TX | $4,644,939,000 |
| 1988-12-30 | COLUMBIA FS&LA | ENGLEWOOD, CO | $3,125,050,000 |
| 1988-12-30 | FIRST FS&LA OF JACKSONVILLE | JACKSONVILLE, FL | $1,243,932,000 |
| 1988-12-30 | PATHWAY FINANCIAL | CHICAGO, IL | $1,222,965,000 |
| 1988-12-30 | BEACH FS&LA | BOYNTON BEACH, FL | $1,141,671,000 |
| 1988-12-30 | JACKSON COUNTY FSA | MEDFORD, OR | $266,123,000 |
Explore: all failures · TX bank events · 1988 events · events hub