Bank Failure
Westside National Bank
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Closed May 13, 1988 · Houston, TX · FDIC Cert #23529.
- Closing date
- May 13, 1988
- Headquarters
- Houston, TX
- FDIC Certificate
- 23529
- Total assets at closing
- $32.2M
- Total deposits at closing
- $38.7M
- Estimated loss to the insurance fund
- $15.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Compass Bank Houston N.A.
Context
On May 13, 1988, regulators closed Westside National Bank, headquartered in Houston, TX. At closing, the institution held approximately $32.2M in assets and $38.7M in deposits. The FDIC record names Compass Bank Houston N.A. as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $15.4M.
By assets at closing this is the 1994th largest of the 3,526 bank failures in the FDIC record, and the 119th 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 Westside National Bank fail?
Westside National Bank was closed by regulators on May 13, 1988.
Who acquired Westside National Bank?
The FDIC record names Compass Bank Houston N.A. as the acquiring institution in the resolution of Westside National Bank.
How big was Westside National Bank when it failed?
Westside National Bank had approximately $32.2M in total assets and $38.7M 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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