FDIC Open-Bank Assistance
Freedom Bank
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Assistance provided October 16, 1992 · Ranger, TX · FDIC Cert #15579.
- Assistance date
- October 16, 1992
- Headquarters
- Ranger, TX
- FDIC Certificate
- 15579
- Total assets at the time
- $20.9M
- Total deposits at the time
- $20.3M
- Estimated loss to the insurance fund
- Not available (the FDIC feed's figure of $3K is not consistent with a failure of this size)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Open-bank assistance (the institution stayed open)
- Acquirer
- Peoples State Bank
Context
On October 16, 1992, the FDIC provided open-bank assistance to Freedom Bank, headquartered in Ranger, TX. The institution continued operating. At the time it held approximately $20.9M in assets and $20.3M in deposits. The FDIC record names Peoples State Bank as the acquiring institution in the assisted transaction.
The FDIC record for 1992 holds 179 failures and 2 open-bank assistance transactions. 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 the FDIC provide assistance to Freedom Bank?
Freedom Bank received FDIC open-bank assistance on October 16, 1992; it did not fail.
How big was Freedom Bank at the time of assistance?
Freedom Bank had approximately $20.9M in total assets and $20.3M in deposits at the time of assistance.
Bank failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
Explore: all failures · TX bank events · 1992 events · events hub