Bank Failure
First City Savings Association
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Closed August 19, 1988 · Irving, TX · FDIC Cert #31892.
- Closing date
- August 19, 1988
- Headquarters
- Irving, TX
- FDIC Certificate
- 31892
- Total assets at closing
- $227.0M
- Total deposits at closing
- $258.5M
- Estimated loss to the insurance fund
- $200.0M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Sunbelt Savings FSB
Context
On August 19, 1988, regulators closed First City Savings Association, headquartered in Irving, TX. At closing, the institution held approximately $227.0M in assets and $258.5M in deposits. The FDIC record names Sunbelt Savings FSB as the acquiring institution in the resolution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $200.0M.
By assets at closing this is the 690th largest of the 3,526 bank failures in the FDIC record, and the 26th 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 City Savings Association fail?
First City Savings Association was closed by regulators on August 19, 1988.
Who acquired First City Savings Association?
The FDIC record names Sunbelt Savings FSB as the acquiring institution in the resolution of First City Savings Association.
How big was First City Savings Association when it failed?
First City Savings Association had approximately $227.0M in total assets and $258.5M 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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