THE FIRST NATIONAL BANK OF GORMAN Failed 1986

What happened

THE FIRST NATIONAL BANK OF GORMAN of GORMAN, TX was closed on 1986-02-27. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to CITIZENS STATE BANK (GORMAN, TX). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1153

FDIC Certificate

3224

FDIC FIN

2537

Bank name

THE FIRST NATIONAL BANK OF GORMAN

Location

GORMAN, TX

Failure date

1986-02-27

FDIC resolution date

1986-02-27

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$6M

Deposits at failure

$14M

Assets at failure

$14M

Acquiring bank

CITIZENS STATE BANK (GORMAN, TX)

Other banks CITIZENS STATE BANK acquired in FDIC resolutions

• CITIZENS STATE BANK (PRINCETON, TX) — failed 1992-12-10
• BURLESON COUNTY SAVINGS ASSOC. (CALDWELL, TX) — failed 1991-05-31
• PEOPLES NATIONAL BANK (CALDWELL, TX) — failed 1990-06-21
• FIRST-TAYLOR NATIONAL BANK (TAYLOR, TX) — failed 1990-05-17
• FIRST STATE BANK (DEANVILLE, TX) — failed 1989-04-20
• CITIZENS STATE BANK (HAYFIELD, MN) — failed 1988-01-27
• COMMERCIAL STATE BANK (POCAHONTAS, IA) — failed 1986-06-27