Bank Failure
First State Bank of McKinney
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Closed August 17, 1989 · McKinney, TX · FDIC Cert #20297.
- Closing date
- August 17, 1989
- Headquarters
- McKinney, TX
- FDIC Certificate
- 20297
- Total assets at closing
- $18.1M
- Total deposits at closing
- $20.2M
- Estimated loss to the insurance fund
- $3.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Bank
Context
On August 17, 1989, regulators closed First State Bank of McKinney, headquartered in McKinney, TX. At closing, the institution held approximately $18.1M in assets and $20.2M in deposits. The FDIC record names First Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $3.7M.
By assets at closing this is the 2418th largest of the 3,526 bank failures in the FDIC record, and the 452nd 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 of McKinney fail?
First State Bank of McKinney was closed by regulators on August 17, 1989.
Who acquired First State Bank of McKinney?
The FDIC record names First Bank as the acquiring institution in the resolution of First State Bank of McKinney.
How big was First State Bank of McKinney when it failed?
First State Bank of McKinney had approximately $18.1M in total assets and $20.2M 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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