ALLEN NATIONAL BANK Failed 1988

What happened

ALLEN NATIONAL BANK of ALLEN, 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 BENCHMARK BANK (QUINLAN, TX). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1792

FDIC Certificate

23380

FDIC FIN

2842

Bank name

ALLEN NATIONAL BANK

Location

ALLEN, TX

Failure date

1988-07-14

FDIC resolution date

1988-07-14

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$7M

Deposits at failure

$26M

Assets at failure

$26M

Acquiring bank

BENCHMARK BANK (QUINLAN, TX)