Bank Failure
Summit Bank
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Closed August 24, 1989 · San Antonio, TX · FDIC Cert #21256.
- Closing date
- August 24, 1989
- Headquarters
- San Antonio, TX
- FDIC Certificate
- 21256
- Total assets at closing
- $19.2M
- Total deposits at closing
- $18.5M
- Estimated loss to the insurance fund
- $3.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- The Frost National Bank of
Context
On August 24, 1989, regulators closed Summit Bank, headquartered in San Antonio, TX. At closing, the institution held approximately $19.2M in assets and $18.5M in deposits. The FDIC record names The Frost National Bank of as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $3.9M.
By assets at closing this is the 2372nd largest of the 3,526 bank failures in the FDIC record, and the 444th 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 Summit Bank fail?
Summit Bank was closed by regulators on August 24, 1989.
Who acquired Summit Bank?
The FDIC record names The Frost National Bank of as the acquiring institution in the resolution of Summit Bank.
How big was Summit Bank when it failed?
Summit Bank had approximately $19.2M in total assets and $18.5M 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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