FIRST BANK Failed 1988
What happened
FIRST BANK of BALCH SPRINGS, TX was closed on 1988-08-11. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to GATEWAY NATIONAL BANK (DALLAS, TX). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1853
- FDIC Certificate
- 21508
- FDIC FIN
- 2891
- Bank name
- FIRST BANK
- Location
- BALCH SPRINGS, TX
- Failure date
- 1988-08-11
- FDIC resolution date
- 1988-08-11
- 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.)
- $5M
- Deposits at failure
- $46M
- Assets at failure
- $46M
- Acquiring bank
- GATEWAY NATIONAL BANK (DALLAS, TX)