Bank Failure
First City, Texas - Corpus Chris
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Closed October 30, 1992 · Corpus Christi, TX · FDIC Cert #21190.
- Closing date
- October 30, 1992
- Headquarters
- Corpus Christi, TX
- FDIC Certificate
- 21190
- Total assets at closing
- $462.8M
- Total deposits at closing
- $383.4M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Mercantile Bank, N.A.
Context
On October 30, 1992, regulators closed First City, Texas - Corpus Chris, headquartered in Corpus Christi, TX. At closing, the institution held approximately $462.8M in assets and $383.4M in deposits. The FDIC record names Mercantile Bank, N.A. as the acquiring institution in the resolution.
By assets at closing this is the 395th largest of the 3,526 bank failures in the FDIC record, and the 35th of 179 in 1992. 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, Texas - Corpus Chris fail?
First City, Texas - Corpus Chris was closed by regulators on October 30, 1992.
Who acquired First City, Texas - Corpus Chris?
The FDIC record names Mercantile Bank, N.A. as the acquiring institution in the resolution of First City, Texas - Corpus Chris.
How big was First City, Texas - Corpus Chris when it failed?
First City, Texas - Corpus Chris had approximately $462.8M in total assets and $383.4M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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