Bank Failure
First National Bank in Center
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Closed December 15, 1988 · Center, TX · FDIC Cert #17654.
- Closing date
- December 15, 1988
- Headquarters
- Center, TX
- FDIC Certificate
- 17654
- Total assets at closing
- $26.1M
- Total deposits at closing
- $26.1M
- Estimated loss to the insurance fund
- $5.5M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citizens Bank
Context
On December 15, 1988, regulators closed First National Bank in Center, headquartered in Center, TX. At closing, the institution held approximately $26.1M in assets and $26.1M in deposits. The FDIC record names Citizens Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $5.5M.
By assets at closing this is the 2149th largest of the 3,526 bank failures in the FDIC record, and the 135th 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 in Center fail?
First National Bank in Center was closed by regulators on December 15, 1988.
Who acquired First National Bank in Center?
The FDIC record names Citizens Bank as the acquiring institution in the resolution of First National Bank in Center.
How big was First National Bank in Center when it failed?
First National Bank in Center had approximately $26.1M in total assets and $26.1M 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 | 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 |
| Dec 9, 1988 | Caribank | $525.8M |
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