FIRST NATIONAL BANK Failed 1988

What happened

FIRST NATIONAL BANK of COVINGTON, LA was closed on 1988-11-18. The FDIC was named receiver.

Resolution: Insured Deposit Transfer — insured deposits transferred to another bank

Deposits were transferred to HIBERNIA NATIONAL BANK (NEW ORLEANS, LA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1985

FDIC Certificate

18554

FDIC FIN

5953

Bank name

FIRST NATIONAL BANK

Location

COVINGTON, LA

Failure date

1988-11-18

FDIC resolution date

1988-11-18

Charter type

National commercial bank (OCC-chartered)

Resolution type

Insured Deposit Transfer — insured deposits transferred to another bank

FDIC DIF cost (est.)

$124M

Deposits at failure

$298M

Assets at failure

$262M

Acquiring bank

HIBERNIA NATIONAL BANK (NEW ORLEANS, LA)

Other banks HIBERNIA NATIONAL BANK acquired in FDIC resolutions

• LIVINGSTON BANK (DENHAM SPRINGS, LA) — failed 1989-03-16
• LOUISIANA BANK & TRUST COMPANY (SHREVEPORT, LA) — failed 1989-02-16
• THE NATIONAL BANK OF BOSSIER CITY (BOSSIER CITY, LA) — failed 1989-01-12
• NATIONAL FIDELITY BANK OF SHREVEPORT (SHREVEPORT, LA) — failed 1988-07-28
• UNITED MERCANTILE BANK (SHREVEPORT, LA) — failed 1988-01-21
• HUB CITY BANK & TRUST COMPANY (LAFAYETTE, LA) — failed 1987-02-20