Bank Failure
GALENA PARK STATE BANK
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
- $24,849,000
- Total deposits at closing
- $28,927,000
- Estimated loss to DIF
- $7,195,000
- Resolution type
- other
- Acquirer
- LOCKWOOD NB OF HOUSTON (FDIC Cert #2890)
Context
On August 11, 1988, regulators closed GALENA PARK STATE BANK, headquartered in GALENA PARK, TX. At closing, the institution held approximately $24,849,000 in assets and $28,927,000 in deposits. The FDIC arranged a resolution under which LOCKWOOD NB OF HOUSTON acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $7,195,000.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1988
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1988-12-31 | BROWARD FS&LA | SUNRISE, FL | $535,666,000 |
| 1988-12-31 | PEORIA S&LA | PEORIA, IL | $171,600,000 |
| 1988-12-30 | UNITED SAVINGS ASSOCIATION OF TEXAS | HOUSTON, TX | $4,644,939,000 |
| 1988-12-30 | COLUMBIA FS&LA | ENGLEWOOD, CO | $3,125,050,000 |
| 1988-12-30 | FIRST FS&LA OF JACKSONVILLE | JACKSONVILLE, FL | $1,243,932,000 |
| 1988-12-30 | PATHWAY FINANCIAL | CHICAGO, IL | $1,222,965,000 |
| 1988-12-30 | BEACH FS&LA | BOYNTON BEACH, FL | $1,141,671,000 |
| 1988-12-30 | JACKSON COUNTY FSA | MEDFORD, OR | $266,123,000 |
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