Bank Failure
MERCHANTS MARINE BANK
Closed March 16, 1989 · PORT ISABEL , TX · FDIC Cert #18183 .
- Closing date
- March 16, 1989
- Headquarters
- PORT ISABEL , TX
- FDIC Certificate
- 18183
- Total assets at closing
- $30.8M
- Total deposits at closing
- $30.4M
- Estimated loss to DIF
- $12.2M
- Resolution type
- other
- Acquirer
- FIRSTBANK (FDIC Cert #2975)
Context
On March 16, 1989, regulators closed MERCHANTS MARINE BANK , headquartered in PORT ISABEL , TX . At closing, the institution held approximately $30.8M in assets and $30.4M in deposits . The FDIC arranged a resolution under which FIRSTBANK acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $12.2M.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1989
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1989-12-21 | COLUMBIA FSA | NASSAU BAY , TX | $77.1M |
| 1989-12-21 | SILVER SAVINGS ASSOC. | SILVER CITY , NM | $32.2M |
| 1989-12-20 | FIRST CITY NATIONAL BANK AND TRUST | NEW YORK , NY | $39.5M |
| 1989-12-20 | UNITED COMMUNITY BANK | WESTLAKE VILLAGE , CA | $32.3M |
| 1989-12-15 | FIRST AMERICAN BANK AND TRUST | NORTH PALM BEACH , FL | $1.38B |
| 1989-12-14 | YORKRIDGE-CALVERT FEDERAL SAVINGS | BALTIMORE , MD | $585.8M |
| 1989-12-14 | LOUISIANA SAVINGS ASSN. | LAKE CHARLES , LA | $449.3M |
| 1989-12-14 | FIRST ACADIANA BANK | EUNICE , LA | $46.8M |
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