Bank Failure
Franklin Bank, SSB
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Closed November 7, 2008 · Houston, TX · FDIC Cert #26870.
- Closing date
- November 7, 2008
- Headquarters
- Houston, TX
- FDIC Certificate
- 26870
- Total assets at closing
- $5.09B
- Total deposits at closing
- $3.69B
- Estimated loss to the insurance fund
- $614.1M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Prosperity Bank
Context
On November 7, 2008, regulators closed Franklin Bank, SSB, headquartered in Houston, TX. At closing, the institution held approximately $5.09B in assets and $3.69B in deposits. The FDIC record names Prosperity Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $614.1M.
By assets at closing this is the 40th largest of the 3,526 bank failures in the FDIC record, and the 4th of 25 in 2008. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Franklin Bank, SSB fail?
Franklin Bank, SSB was closed by regulators on November 7, 2008.
Who acquired Franklin Bank, SSB?
The FDIC record names Prosperity Bank as the acquiring institution in the resolution of Franklin Bank, SSB.
How big was Franklin Bank, SSB when it failed?
Franklin Bank, SSB had approximately $5.09B in total assets and $3.69B in deposits at the time of failure.
Other failures in 2008
| Date | Bank | Assets |
|---|---|---|
| Dec 12, 2008 | Haven Trust Bank | $559.6M |
| Dec 12, 2008 | Sanderson State Bank | $38.2M |
| Dec 5, 2008 | First Georgia Community Bank | $256.4M |
| Nov 21, 2008 | Downey Savings and Loan Association, F.A. | $12.78B |
| Nov 21, 2008 | PFF Bank & Trust | $3.72B |
| Nov 21, 2008 | The Community Bank | $634.9M |
| Nov 7, 2008 | Security Pacific Bank | $528.0M |
| Oct 31, 2008 | Freedom Bank | $270.8M |
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