FIRST BANK OF SAGINAW Failed 1987
What happened
FIRST BANK OF SAGINAW of SAGINAW, TX was closed on 1987-04-16. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to SOUTHWEST BANK (FORT WORTH, TX). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1416
- FDIC Certificate
- 20724
- FDIC FIN
- 2677
- Bank name
- FIRST BANK OF SAGINAW
- Location
- SAGINAW, TX
- Failure date
- 1987-04-16
- FDIC resolution date
- 1987-04-16
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $8M
- Deposits at failure
- $30M
- Assets at failure
- $31M
- Acquiring bank
- SOUTHWEST BANK (FORT WORTH, TX)