ISLAND BANK Failed 1989
What happened
ISLAND BANK of SOUTH PADRE ISLAND, 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
- 2226
- FDIC Certificate
- 21850
- FDIC FIN
- 2976
- Bank name
- ISLAND BANK
- Location
- SOUTH PADRE ISLAND, 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.)
- $6M
- Deposits at failure
- $17M
- Assets at failure
- $18M
- Acquiring bank
- FIRSTBANK (LOS FRESNOS, TX)
Other banks FIRSTBANK acquired in FDIC resolutions