Bank Failure
First City, Texas - El Paso, N.A.
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Closed October 30, 1992 · El Paso, TX · FDIC Cert #16560.
- Closing date
- October 30, 1992
- Headquarters
- El Paso, TX
- FDIC Certificate
- 16560
- Total assets at closing
- $395.9M
- Total deposits at closing
- $367.3M
- 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
- Sunwest Bank of El Paso
Context
On October 30, 1992, regulators closed First City, Texas - El Paso, N.A., headquartered in El Paso, TX. At closing, the institution held approximately $395.9M in assets and $367.3M in deposits. The FDIC record names Sunwest Bank of El Paso as the acquiring institution in the resolution.
By assets at closing this is the 456th largest of the 3,526 bank failures in the FDIC record, and the 41st 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 - El Paso, N.A. fail?
First City, Texas - El Paso, N.A. was closed by regulators on October 30, 1992.
Who acquired First City, Texas - El Paso, N.A.?
The FDIC record names Sunwest Bank of El Paso as the acquiring institution in the resolution of First City, Texas - El Paso, N.A.
How big was First City, Texas - El Paso, N.A. when it failed?
First City, Texas - El Paso, N.A. had approximately $395.9M in total assets and $367.3M 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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