Bank Failure
Southside National Bank
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Closed March 19, 1992 · Nacogdoches, TX · FDIC Cert #23633.
- Closing date
- March 19, 1992
- Headquarters
- Nacogdoches, TX
- FDIC Certificate
- 23633
- Total assets at closing
- $12.0M
- Total deposits at closing
- $12.0M
- Estimated loss to the insurance fund
- $3.3M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fredonia State Bank
Context
On March 19, 1992, regulators closed Southside National Bank, headquartered in Nacogdoches, TX. At closing, the institution held approximately $12.0M in assets and $12.0M in deposits. The FDIC record names Fredonia State Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $3.3M.
By assets at closing this is the 2684th largest of the 3,526 bank failures in the FDIC record, and the 170th of 179 in 1992. 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 Southside National Bank fail?
Southside National Bank was closed by regulators on March 19, 1992.
Who acquired Southside National Bank?
The FDIC record names Fredonia State Bank as the acquiring institution in the resolution of Southside National Bank.
How big was Southside National Bank when it failed?
Southside National Bank had approximately $12.0M in total assets and $12.0M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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