Bank Failure
First Bank
BankRegReports is independent of First Bank and never asks for online banking logins or passwords.
Closed August 11, 1988 · Balch Springs, TX · FDIC Cert #21508.
- Closing date
- August 11, 1988
- Headquarters
- Balch Springs, TX
- FDIC Certificate
- 21508
- Total assets at closing
- $46.2M
- Total deposits at closing
- $46.1M
- Estimated loss to the insurance fund
- $5.2M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Gateway National Bank
Context
On August 11, 1988, regulators closed First Bank, headquartered in Balch Springs, TX. At closing, the institution held approximately $46.2M in assets and $46.1M in deposits. The FDIC record names Gateway National Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $5.2M.
By assets at closing this is the 1720th largest of the 3,526 bank failures in the FDIC record, and the 95th 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 Bank fail?
First Bank was closed by regulators on August 11, 1988.
Who acquired First Bank?
The FDIC record names Gateway National Bank as the acquiring institution in the resolution of First Bank.
How big was First Bank when it failed?
First Bank had approximately $46.2M in total assets and $46.1M 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 |
Explore: all failures · TX bank events · 1988 events · events hub