FIRST NATIONAL BANK Failed 1988
What happened
FIRST NATIONAL BANK of SHERMAN, TX was closed on 1988-06-30. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to FIRST NB OF VAN ALSTYNE (VAN ALSTYNE, TX). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1786
- FDIC Certificate
- 23056
- FDIC FIN
- 2838
- Bank name
- FIRST NATIONAL BANK
- Location
- SHERMAN, TX
- Failure date
- 1988-06-30
- FDIC resolution date
- 1988-06-30
- Charter type
- National commercial bank (OCC-chartered)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $6M
- Deposits at failure
- $24M
- Assets at failure
- $24M
- Acquiring bank
- FIRST NB OF VAN ALSTYNE (VAN ALSTYNE, TX)