Bank Failure
The Security Bank
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Closed July 14, 1988 · Warner, OK · FDIC Cert #19965.
- Closing date
- July 14, 1988
- Headquarters
- Warner, OK
- FDIC Certificate
- 19965
- Total assets at closing
- $9.4M
- Total deposits at closing
- $9.4M
- Estimated loss to the insurance fund
- $601K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Vian State Bank
Context
On July 14, 1988, regulators closed The Security Bank, headquartered in Warner, OK. At closing, the institution held approximately $9.4M in assets and $9.4M in deposits. The FDIC record names Vian State Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $601K.
By assets at closing this is the 2801st largest of the 3,526 bank failures in the FDIC record, and the 209th of 232 in 1988. 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 The Security Bank fail?
The Security Bank was closed by regulators on July 14, 1988.
Who acquired The Security Bank?
The FDIC record names Vian State Bank as the acquiring institution in the resolution of The Security Bank.
How big was The Security Bank when it failed?
The Security Bank had approximately $9.4M in total assets and $9.4M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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