Bank Failure
First Savings of East Texas
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Closed January 15, 1988 · San Augustine, TX · FDIC Cert #31593.
- Closing date
- January 15, 1988
- Headquarters
- San Augustine, TX
- FDIC Certificate
- 31593
- Total assets at closing
- $61.7M
- Total deposits at closing
- $132.4M
- Estimated loss to the insurance fund
- $96.6M
- Insurance fund
- Federal Savings and Loan Insurance Corporation (FSLIC)
- Resolution
- Failure (closed by regulators)
Context
On January 15, 1988, regulators closed First Savings of East Texas, headquartered in San Augustine, TX. At closing, the institution held approximately $61.7M in assets and $132.4M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Federal Savings and Loan Insurance Corporation (FSLIC) was approximately $96.6M.
By assets at closing this is the 1509th largest of the 3,526 bank failures in the FDIC record, and the 79th 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 Savings of East Texas fail?
First Savings of East Texas was closed by regulators on January 15, 1988.
How big was First Savings of East Texas when it failed?
First Savings of East Texas had approximately $61.7M in total assets and $132.4M 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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