MERCHANTS MARINE BANK Failed 1989
What happened
MERCHANTS MARINE BANK of PORT ISABEL, TX was closed on 1989-03-16. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to FIRSTBANK (LOS FRESNOS, TX). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 2225
- FDIC Certificate
- 18183
- FDIC FIN
- 2975
- Bank name
- MERCHANTS MARINE BANK
- Location
- PORT ISABEL, TX
- Failure date
- 1989-03-16
- FDIC resolution date
- 1989-03-16
- 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.)
- $12M
- Deposits at failure
- $30M
- Assets at failure
- $31M
- Acquiring bank
- FIRSTBANK (LOS FRESNOS, TX)
Other banks FIRSTBANK acquired in FDIC resolutions
- ISLAND BANK (SOUTH PADRE ISLAND, TX) — failed 1989-03-16