Bank Failure
East Texas State Bank
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Closed November 17, 1988 · Buna, TX · FDIC Cert #18591.
- Closing date
- November 17, 1988
- Headquarters
- Buna, TX
- FDIC Certificate
- 18591
- Total assets at closing
- $21.3M
- Total deposits at closing
- $20.6M
- Estimated loss to the insurance fund
- $4.7M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First NB of Bonham
Context
On November 17, 1988, regulators closed East Texas State Bank, headquartered in Buna, TX. At closing, the institution held approximately $21.3M in assets and $20.6M in deposits. The FDIC record names First NB of Bonham as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $4.7M.
By assets at closing this is the 2292nd largest of the 3,526 bank failures in the FDIC record, and the 149th of 232 in 1988. 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 East Texas State Bank fail?
East Texas State Bank was closed by regulators on November 17, 1988.
Who acquired East Texas State Bank?
The FDIC record names First NB of Bonham as the acquiring institution in the resolution of East Texas State Bank.
How big was East Texas State Bank when it failed?
East Texas State Bank had approximately $21.3M in total assets and $20.6M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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