# FIRST BANK

> **Failed bank** · BALCH SPRINGS, TX · failed 1988-08-11 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $5M

## What happened

FIRST BANK of BALCH SPRINGS, TX was closed by regulators 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
- **Estimated FDIC DIF cost:** $5M
- **Deposits at failure:** $46M
- **Assets at failure:** $46M
- **Acquiring bank:** GATEWAY NATIONAL BANK (DALLAS, TX)

## Primary source

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

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, FIRST BANK (FDIC ID 1853), failed 1988-08-11. Retrieved via AI Analytics 2026-06-25 from https://api.ai-analytics.org/failed-bank/1853.

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