Bank Failure
Cove State Bank
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Closed April 19, 1990 · Copperas Cove, TX · FDIC Cert #18110.
- Closing date
- April 19, 1990
- Headquarters
- Copperas Cove, TX
- FDIC Certificate
- 18110
- Total assets at closing
- $37.3M
- Total deposits at closing
- $37.5M
- Estimated loss to the insurance fund
- $6.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- The National Bank of Gatesv
Context
On April 19, 1990, regulators closed Cove State Bank, headquartered in Copperas Cove, TX. At closing, the institution held approximately $37.3M in assets and $37.5M in deposits. The FDIC record names The National Bank of Gatesv as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $6.0M.
By assets at closing this is the 1862nd largest of the 3,526 bank failures in the FDIC record, and the 250th 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 Cove State Bank fail?
Cove State Bank was closed by regulators on April 19, 1990.
Who acquired Cove State Bank?
The FDIC record names The National Bank of Gatesv as the acquiring institution in the resolution of Cove State Bank.
How big was Cove State Bank when it failed?
Cove State Bank had approximately $37.3M in total assets and $37.5M 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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