Bank Failure
Preston North National Bank
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Closed June 22, 1989 · Dallas, TX · FDIC Cert #24630.
- Closing date
- June 22, 1989
- Headquarters
- Dallas, TX
- FDIC Certificate
- 24630
- Total assets at closing
- $6.5M
- Total deposits at closing
- $6.9M
- Estimated loss to the insurance fund
- $1.5M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Sequor National Bank Texas
Context
On June 22, 1989, regulators closed Preston North National Bank, headquartered in Dallas, TX. At closing, the institution held approximately $6.5M in assets and $6.9M in deposits. The FDIC record names Sequor National Bank Texas as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $1.5M.
By assets at closing this is the 2933rd largest of the 3,526 bank failures in the FDIC record, and the 521st 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 Preston North National Bank fail?
Preston North National Bank was closed by regulators on June 22, 1989.
Who acquired Preston North National Bank?
The FDIC record names Sequor National Bank Texas as the acquiring institution in the resolution of Preston North National Bank.
How big was Preston North National Bank when it failed?
Preston North National Bank had approximately $6.5M in total assets and $6.9M 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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