Bank Failure
Independent Bank, National Assoc
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Closed July 14, 1989 · Coppell, TX · FDIC Cert #25813.
- Closing date
- July 14, 1989
- Headquarters
- Coppell, TX
- FDIC Certificate
- 25813
- Total assets at closing
- $34.7M
- Total deposits at closing
- $32.7M
- Estimated loss to the insurance fund
- $10.9M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Metropolitan National Bank
Context
On July 14, 1989, regulators closed Independent Bank, National Assoc, headquartered in Coppell, TX. At closing, the institution held approximately $34.7M in assets and $32.7M in deposits. The FDIC record names Metropolitan National Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $10.9M.
By assets at closing this is the 1927th largest of the 3,526 bank failures in the FDIC record, and the 367th 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, National Assoc fail?
Independent Bank, National Assoc was closed by regulators on July 14, 1989.
Who acquired Independent Bank, National Assoc?
The FDIC record names Metropolitan National Bank as the acquiring institution in the resolution of Independent Bank, National Assoc.
How big was Independent Bank, National Assoc when it failed?
Independent Bank, National Assoc had approximately $34.7M in total assets and $32.7M 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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