Bank Failure
First Southwest Bank
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Closed December 16, 1988 · Eldorado, OK · FDIC Cert #15670.
- Closing date
- December 16, 1988
- Headquarters
- Eldorado, OK
- FDIC Certificate
- 15670
- Total assets at closing
- $9.8M
- Total deposits at closing
- $9.7M
- Estimated loss to the insurance fund
- $2.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First State Bank&trust C
Context
On December 16, 1988, regulators closed First Southwest Bank, headquartered in Eldorado, OK. At closing, the institution held approximately $9.8M in assets and $9.7M in deposits. The FDIC record names First State Bank&trust C as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $2.4M.
By assets at closing this is the 2774th largest of the 3,526 bank failures in the FDIC record, and the 205th 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 Southwest Bank fail?
First Southwest Bank was closed by regulators on December 16, 1988.
Who acquired First Southwest Bank?
The FDIC record names First State Bank&trust C as the acquiring institution in the resolution of First Southwest Bank.
How big was First Southwest Bank when it failed?
First Southwest Bank had approximately $9.8M in total assets and $9.7M 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 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 |
| Dec 9, 1988 | Caribank | $525.8M |
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