FIRST NATIONAL BANK OF KINGSWOOD Failed 1988

What happened

FIRST NATIONAL BANK OF KINGSWOOD of KINGSWOOD, TX was closed on 1988-05-26. The FDIC was named receiver.

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

Deposits were transferred to INTERSTATE BANK NORTH (HOUSTON, TX). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1760

FDIC Certificate

25248

FDIC FIN

2820

Bank name

FIRST NATIONAL BANK OF KINGSWOOD

Location

KINGSWOOD, TX

Failure date

1988-05-26

FDIC resolution date

1988-05-26

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$5M

Deposits at failure

$16M

Assets at failure

$16M

Acquiring bank

INTERSTATE BANK NORTH (HOUSTON, TX)