Bank Failure
First National Bank Austin
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Closed August 18, 1988 · Austin, TX · FDIC Cert #25811.
- Closing date
- August 18, 1988
- Headquarters
- Austin, TX
- FDIC Certificate
- 25811
- Total assets at closing
- $26.0M
- Total deposits at closing
- $27.2M
- Estimated loss to the insurance fund
- $12.1M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First State Bank
Context
On August 18, 1988, regulators closed First National Bank Austin, headquartered in Austin, TX. At closing, the institution held approximately $26.0M in assets and $27.2M in deposits. The FDIC record names First State Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $12.1M.
By assets at closing this is the 2154th largest of the 3,526 bank failures in the FDIC record, and the 136th 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 National Bank Austin fail?
First National Bank Austin was closed by regulators on August 18, 1988.
Who acquired First National Bank Austin?
The FDIC record names First State Bank as the acquiring institution in the resolution of First National Bank Austin.
How big was First National Bank Austin when it failed?
First National Bank Austin had approximately $26.0M in total assets and $27.2M 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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