Bank Failure
First Republicbank Delaware
BankRegReports is independent of First Republicbank Delaware and never asks for online banking logins or passwords.
Closed August 2, 1988 · Newark, DE · FDIC Cert #26723.
- Closing date
- August 2, 1988
- Headquarters
- Newark, DE
- FDIC Certificate
- 26723
- Total assets at closing
- $582.4M
- Total deposits at closing
- $164.9M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $249K is not consistent with a failure of this size)
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citibank Delaware
Context
On August 2, 1988, regulators closed First Republicbank Delaware, headquartered in Newark, DE. At closing, the institution held approximately $582.4M in assets and $164.9M in deposits. The FDIC record names Citibank Delaware as the acquiring institution in the resolution.
By assets at closing this is the 332nd largest of the 3,526 bank failures in the FDIC record, and the 13th 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 Republicbank Delaware fail?
First Republicbank Delaware was closed by regulators on August 2, 1988.
Who acquired First Republicbank Delaware?
The FDIC record names Citibank Delaware as the acquiring institution in the resolution of First Republicbank Delaware.
How big was First Republicbank Delaware when it failed?
First Republicbank Delaware had approximately $582.4M in total assets and $164.9M 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 |
Explore: all failures · DE bank events · 1988 events · events hub