# ISLAND BANK

> **Failed bank** · SOUTH PADRE ISLAND, TX · failed 1989-03-16 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $6M

## What happened

ISLAND BANK of SOUTH PADRE ISLAND, TX was closed by regulators 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
- **Estimated FDIC DIF cost:** $6M
- **Deposits at failure:** $17M
- **Assets at failure:** $18M
- **Acquiring bank:** FIRSTBANK (LOS FRESNOS, TX)

## Other banks FIRSTBANK has acquired in FDIC resolutions

- MERCHANTS MARINE BANK (PORT ISABEL, TX) — failed 1989-03-16 — /failed-bank/2225

## Primary source

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

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, ISLAND BANK (FDIC ID 2226), failed 1989-03-16. Retrieved via AI Analytics 2026-06-25 from https://api.ai-analytics.org/failed-bank/2226.

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