Bank Failure
First State Bank
Closed April 20, 1989 · Deanville, TX · FDIC Cert #17020.
- Closing date
- April 20, 1989
- Headquarters
- Deanville, TX
- FDIC Certificate
- 17020
- Total assets at closing
- $9.4M
- Total deposits at closing
- $9.3M
- Estimated loss to DIF
- $1.3M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citizens State Bank
Context
On April 20, 1989, regulators closed First State Bank, headquartered in Deanville, TX. At closing, the institution held approximately $9.4M in assets and $9.3M in deposits. The FDIC arranged a resolution under which Citizens State Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $1.3M.
By assets at closing this is the 2795th largest of the 3,524 bank failures in the FDIC record, and the 504th of 530 in 1989. 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 State Bank fail?
First State Bank was closed by regulators on April 20, 1989.
Who acquired First State Bank?
Citizens State Bank acquired the failed bank's deposits and operations on April 20, 1989 under an FDIC-brokered resolution.
How big was First State Bank when it failed?
First State Bank had approximately $9.4M in total assets and $9.3M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings ASSN. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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