Bank Failure
First NB of the Panhandle
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Closed June 14, 1996 · Panhandle, TX · FDIC Cert #3382.
- Closing date
- June 14, 1996
- Headquarters
- Panhandle, TX
- FDIC Certificate
- 3382
- Total assets at closing
- $68.1M
- Total deposits at closing
- $68.0M
- Estimated loss to the insurance fund
- $16.3M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Sun Bank
Context
On June 14, 1996, regulators closed First NB of the Panhandle, headquartered in Panhandle, TX. At closing, the institution held approximately $68.1M in assets and $68.0M in deposits. The FDIC record names Sun Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $16.3M.
By assets at closing this is the 1441st largest of the 3,526 bank failures in the FDIC record, and the 1st of 6 in 1996. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did First NB of the Panhandle fail?
First NB of the Panhandle was closed by regulators on June 14, 1996.
Who acquired First NB of the Panhandle?
The FDIC record names Sun Bank as the acquiring institution in the resolution of First NB of the Panhandle.
How big was First NB of the Panhandle when it failed?
First NB of the Panhandle had approximately $68.1M in total assets and $68.0M in deposits at the time of failure.
Other failures in 1996
| Date | Bank | Assets |
|---|---|---|
| Aug 16, 1996 | Commonwealth Thrift & Loan | $11.5M |
| Aug 9, 1996 | Union Federal Bank, FSB | $32.6M |
| Jul 12, 1996 | Fairfield First Bank & Trust Co | $57.3M |
| May 31, 1996 | People's Bank & Trust | $22.7M |
| Mar 8, 1996 | Metrobank of Philadelphia | $40.4M |
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