Bank Failure
Security Bank & Trust Company
BankRegReports is independent of Security Bank & Trust Company and never asks for online banking logins or passwords.
Closed May 18, 1989 · Wharton, TX · FDIC Cert #1220.
- Closing date
- May 18, 1989
- Headquarters
- Wharton, TX
- FDIC Certificate
- 1220
- Total assets at closing
- $34.8M
- Total deposits at closing
- $37.1M
- Estimated loss to the insurance fund
- $9.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- The First National Bank of
Context
On May 18, 1989, regulators closed Security Bank & Trust Company, headquartered in Wharton, TX. At closing, the institution held approximately $34.8M in assets and $37.1M in deposits. The FDIC record names The First National Bank of as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $9.4M.
By assets at closing this is the 1920th largest of the 3,526 bank failures in the FDIC record, and the 365th 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 Security Bank & Trust Company fail?
Security Bank & Trust Company was closed by regulators on May 18, 1989.
Who acquired Security Bank & Trust Company?
The FDIC record names The First National Bank of as the acquiring institution in the resolution of Security Bank & Trust Company.
How big was Security Bank & Trust Company when it failed?
Security Bank & Trust Company had approximately $34.8M in total assets and $37.1M 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 |
Explore: all failures · TX bank events · 1989 events · events hub