Bank Failure
First REPUBLICBANK-MT. Pleasant
Closed July 29, 1988 · Mt. Pleasant, TX · FDIC Cert #3354.
- Closing date
- July 29, 1988
- Headquarters
- Mt. Pleasant, TX
- FDIC Certificate
- 3354
- Total assets at closing
- $148.1M
- Total deposits at closing
- $137.0M
- Estimated loss to DIF
- $32.8M
- Resolution
- Failure (closed by regulators)
- Acquirer
- NCNB Texas National Bank
Context
On July 29, 1988, regulators closed First REPUBLICBANK-MT. Pleasant, headquartered in Mt. Pleasant, TX. At closing, the institution held approximately $148.1M in assets and $137.0M in deposits. The FDIC arranged a resolution under which NCNB Texas National Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $32.8M.
By assets at closing this is the 948th largest of the 3,524 bank failures in the FDIC record, and the 47th 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-MT. Pleasant fail?
First REPUBLICBANK-MT. Pleasant was closed by regulators on July 29, 1988.
Who acquired First REPUBLICBANK-MT. Pleasant?
NCNB Texas National Bank acquired the failed bank's deposits and operations on July 29, 1988 under an FDIC-brokered resolution.
How big was First REPUBLICBANK-MT. Pleasant when it failed?
First REPUBLICBANK-MT. Pleasant had approximately $148.1M in total assets and $137.0M 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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