THE FIRST STATE BANK Failed 1987

FRISCO, TX · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

THE FIRST STATE BANK of FRISCO, TX was closed on 1987-06-04. The FDIC was named receiver.

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

Deposits were transferred to PROMENADE NATIONAL BANK (RICHARDSON, TX). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
1444
FDIC Certificate
16605
FDIC FIN
2693
Bank name
THE FIRST STATE BANK
Location
FRISCO, TX
Failure date
1987-06-04
FDIC resolution date
1987-06-04
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.)
$10M
Deposits at failure
$43M
Assets at failure
$43M
Acquiring bank
PROMENADE NATIONAL BANK (RICHARDSON, TX)