# FIRST NATIONAL BANK

> **Failed bank** · SHERMAN, TX · failed 1988-06-30 · National commercial bank (OCC-chartered) · FDIC cost $6M

## What happened

FIRST NATIONAL BANK of SHERMAN, TX was closed by the OCC 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
- **Estimated FDIC DIF cost:** $6M
- **Deposits at failure:** $24M
- **Assets at failure:** $24M
- **Acquiring bank:** FIRST NB OF VAN ALSTYNE (VAN ALSTYNE, TX)

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=FIRST%20NATIONAL%20BANK

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, FIRST NATIONAL BANK (FDIC ID 1786), failed 1988-06-30. Retrieved via AI Analytics 2026-06-25 from https://api.ai-analytics.org/failed-bank/1786.

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