FDIC Open-Bank Assistance

First City, Texas - Sour Lake

BankRegReports is independent of First City, Texas - Sour Lake and never asks for online banking logins or passwords.

Assistance provided April 20, 1988 · Sour Lake, TX · FDIC Cert #11914.

Assistance date: April 20, 1988
Headquarters: Sour Lake, TX
FDIC Certificate: 11914
Total assets at the time: $45.8M
Total deposits at the time: $42.3M
Estimated loss to the insurance fund: Not available (the FDIC feed's figure of $16K is not consistent with a failure of this size)
Insurance fund: FDIC insurance fund
Resolution: Open-bank assistance (the institution stayed open)
Acquirer: First City, Texas - Sour La

Context

On April 20, 1988, the FDIC provided open-bank assistance to First City, Texas - Sour Lake, headquartered in Sour Lake, TX. The institution continued operating. At the time it held approximately $45.8M in assets and $42.3M in deposits. The assistance went to the bank itself; no other institution acquired it.

The FDIC record for 1988 holds 232 failures and 238 open-bank assistance transactions. 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 the FDIC provide assistance to First City, Texas - Sour Lake?

First City, Texas - Sour Lake received FDIC open-bank assistance on April 20, 1988; it did not fail.

How big was First City, Texas - Sour Lake at the time of assistance?

First City, Texas - Sour Lake had approximately $45.8M in total assets and $42.3M in deposits at the time of assistance.

Bank 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 ›

Explore: all failures · TX bank events · 1988 events · events hub