Bank Failure
Galena Park State Bank
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Closed August 11, 1988 · Galena Park, TX · FDIC Cert #16077.
- Closing date
- August 11, 1988
- Headquarters
- Galena Park, TX
- FDIC Certificate
- 16077
- Total assets at closing
- $24.8M
- Total deposits at closing
- $28.9M
- Estimated loss to the insurance fund
- $7.2M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Lockwood NB of Houston
Context
On August 11, 1988, regulators closed Galena Park State Bank, headquartered in Galena Park, TX. At closing, the institution held approximately $24.8M in assets and $28.9M in deposits. The FDIC record names Lockwood NB of Houston as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $7.2M.
By assets at closing this is the 2179th largest of the 3,526 bank failures in the FDIC record, and the 138th 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 Galena Park State Bank fail?
Galena Park State Bank was closed by regulators on August 11, 1988.
Who acquired Galena Park State Bank?
The FDIC record names Lockwood NB of Houston as the acquiring institution in the resolution of Galena Park State Bank.
How big was Galena Park State Bank when it failed?
Galena Park State Bank had approximately $24.8M in total assets and $28.9M 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 16, 1988 | First Southwest Bank | $9.8M |
| 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 |
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