LAKE AUSTIN NATIONAL BANK Failed 1987

What happened

LAKE AUSTIN NATIONAL BANK of AUSTIN, TX was closed on 1987-05-21. The FDIC was named receiver.

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

Deposits were transferred to GREATER TX BANK SOUTHWES (TRAVIS COUNTY, TX). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1441

FDIC Certificate

24487

FDIC FIN

2691

Bank name

LAKE AUSTIN NATIONAL BANK

Location

AUSTIN, TX

Failure date

1987-05-21

FDIC resolution date

1987-05-21

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$14M

Deposits at failure

$43M

Assets at failure

$44M

Acquiring bank

GREATER TX BANK SOUTHWES (TRAVIS COUNTY, TX)