FIRST NATIONAL BANK OF PORT ALLEN Failed 1988

What happened

FIRST NATIONAL BANK OF PORT ALLEN of PORT ALLEN, LA was closed on 1988-03-17. The FDIC was named receiver.

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

Deposits were transferred to IBERVILLE TRUST&SAVINGS (PLAQUEMINE, LA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1651

FDIC Certificate

19898

FDIC FIN

2796

Bank name

FIRST NATIONAL BANK OF PORT ALLEN

Location

PORT ALLEN, LA

Failure date

1988-03-17

FDIC resolution date

1988-03-17

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$4M

Deposits at failure

$19M

Assets at failure

$20M

Acquiring bank

IBERVILLE TRUST&SAVINGS (PLAQUEMINE, LA)