THE AMERICAN BANK Failed 1988
What happened
THE AMERICAN BANK of PALESTINE, TX was closed on 1988-07-14. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to ROYALL NB OF PALESTINE (PALESTINE, TX). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1791
- FDIC Certificate
- 23082
- FDIC FIN
- 2840
- Bank name
- THE AMERICAN BANK
- Location
- PALESTINE, TX
- Failure date
- 1988-07-14
- FDIC resolution date
- 1988-07-14
- 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.)
- $4M
- Deposits at failure
- $20M
- Assets at failure
- $21M
- Acquiring bank
- ROYALL NB OF PALESTINE (PALESTINE, TX)