Bank Failure
Security National Bank of Elgin
BankRegReports is independent of Security National Bank of Elgin and never asks for online banking logins or passwords.
Closed April 19, 1990 · Elgin, TX · FDIC Cert #24915.
- Closing date
- April 19, 1990
- Headquarters
- Elgin, TX
- FDIC Certificate
- 24915
- Total assets at closing
- $10.8M
- Total deposits at closing
- $10.7M
- Estimated loss to the insurance fund
- $2.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Elgin Bank of Texas
Context
On April 19, 1990, regulators closed Security National Bank of Elgin, headquartered in Elgin, TX. At closing, the institution held approximately $10.8M in assets and $10.7M in deposits. The FDIC record names Elgin Bank of Texas as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $2.4M.
By assets at closing this is the 2739th largest of the 3,526 bank failures in the FDIC record, and the 361st of 381 in 1990. 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 National Bank of Elgin fail?
Security National Bank of Elgin was closed by regulators on April 19, 1990.
Who acquired Security National Bank of Elgin?
The FDIC record names Elgin Bank of Texas as the acquiring institution in the resolution of Security National Bank of Elgin.
How big was Security National Bank of Elgin when it failed?
Security National Bank of Elgin had approximately $10.8M in total assets and $10.7M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
Explore: all failures · TX bank events · 1990 events · events hub