Bank Failure
Independent Bank-East, National
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Closed June 30, 1989 · Rockwall, TX · FDIC Cert #21155.
- Closing date
- June 30, 1989
- Headquarters
- Rockwall, TX
- FDIC Certificate
- 21155
- Total assets at closing
- $40.6M
- Total deposits at closing
- $35.8M
- Estimated loss to the insurance fund
- $14.5M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- American National Bank of T
Context
On June 30, 1989, regulators closed Independent Bank-East, National, headquartered in Rockwall, TX. At closing, the institution held approximately $40.6M in assets and $35.8M in deposits. The FDIC record names American National Bank of T as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $14.5M.
By assets at closing this is the 1802nd largest of the 3,526 bank failures in the FDIC record, and the 343rd of 530 in 1989. 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 Independent Bank-East, National fail?
Independent Bank-East, National was closed by regulators on June 30, 1989.
Who acquired Independent Bank-East, National?
The FDIC record names American National Bank of T as the acquiring institution in the resolution of Independent Bank-East, National.
How big was Independent Bank-East, National when it failed?
Independent Bank-East, National had approximately $40.6M in total assets and $35.8M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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