Bank Failure
Independence Bank
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Closed March 19, 1992 · Plano, TX · FDIC Cert #24793.
- Closing date
- March 19, 1992
- Headquarters
- Plano, TX
- FDIC Certificate
- 24793
- Total assets at closing
- $21.8M
- Total deposits at closing
- $20.8M
- Estimated loss to the insurance fund
- $2.8M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Western National B
Context
On March 19, 1992, regulators closed Independence Bank, headquartered in Plano, TX. At closing, the institution held approximately $21.8M in assets and $20.8M in deposits. The FDIC record names First Western National B as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $2.8M.
By assets at closing this is the 2275th largest of the 3,526 bank failures in the FDIC record, and the 157th of 179 in 1992. 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 Independence Bank fail?
Independence Bank was closed by regulators on March 19, 1992.
Who acquired Independence Bank?
The FDIC record names First Western National B as the acquiring institution in the resolution of Independence Bank.
How big was Independence Bank when it failed?
Independence Bank had approximately $21.8M in total assets and $20.8M in deposits at the time of failure.
Other 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 |
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