Bank Failure
The First National Bank of Gorman
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Closed February 27, 1986 · Gorman, TX · FDIC Cert #3224.
- Closing date
- February 27, 1986
- Headquarters
- Gorman, TX
- FDIC Certificate
- 3224
- Total assets (last filing before closing)
- $14.5M
- Total deposits (last filing before closing)
- $13.6M
- Estimated loss to the insurance fund
- $5.7M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citizens State Bank
Context
On February 27, 1986, regulators closed The First National Bank of Gorman, headquartered in Gorman, TX. At closing, the institution held approximately $14.5M in assets and $13.6M in deposits. The FDIC record names Citizens State Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $5.7M.
By total assets in its last filing before closing, this is the 2559th largest of the 3,526 bank failures in the FDIC record, and the 118th of 162 in 1986. 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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did The First National Bank of Gorman fail?
The First National Bank of Gorman was closed by regulators on February 27, 1986.
Who acquired The First National Bank of Gorman?
The FDIC record names Citizens State Bank as the acquiring institution in the resolution of The First National Bank of Gorman.
How big was The First National Bank of Gorman when it failed?
The First National Bank of Gorman had approximately $14.5M in total assets and $13.6M in deposits at the time of failure.
Other failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
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