Bank Failure

First American Bank & TR of Friendswood

Name: First American Bank & TR of Friendswood Bank Failure
Start: 1988-03-10
End: 1988-03-10
Location: Friendswood, TX

Closed March 10, 1988 · Friendswood, TX · FDIC Cert #26546.

Closing date: March 10, 1988
Headquarters: Friendswood, TX
FDIC Certificate: 26546
Total assets at closing: $6.4M
Total deposits at closing: $6.3M
Estimated loss to DIF: $2.3M
Resolution: Failure (closed by regulators)

Context

On March 10, 1988, regulators closed First American Bank & TR of Friendswood, headquartered in Friendswood, TX. At closing, the institution held approximately $6.4M in assets and $6.3M in deposits. The FDIC resolved the institution without a single-acquirer transaction. The estimated cost to the FDIC Deposit Insurance Fund was approximately $2.3M.

By assets at closing this is the 2937th largest of the 3,524 bank failures in the FDIC record, and the 224th 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 First American Bank & TR of Friendswood fail?

First American Bank & TR of Friendswood was closed by regulators on March 10, 1988.

How big was First American Bank & TR of Friendswood when it failed?

First American Bank & TR of Friendswood had approximately $6.4M in total assets and $6.3M in deposits at the time of failure.

Other failures in 1988

Date	Bank	HQ	Assets
Dec 16, 1988	First Industrial Bank of Rocky Ford	Rocky Ford, CO	$12.5M
Dec 16, 1988	First Southwest Bank	Eldorado, OK	$9.8M
Dec 15, 1988	Texas National Bank	Dallas, TX	$37.7M
Dec 15, 1988	First National Bank in Center	Center, TX	$26.1M
Dec 15, 1988	Crescent City Bank & Trust Company	New Orleans, LA	$24.0M
Dec 15, 1988	Texas Bank of Plano	Plano, TX	$15.1M
Dec 15, 1988	First National Bank in Bogata	Bogata, TX	$13.2M
Dec 9, 1988	Silverado S&LA	Denver, CO	$2.32B

All 1988 events ›

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