PRESTON NORTH NATIONAL BANK Failed 1989

What happened

PRESTON NORTH NATIONAL BANK of DALLAS, TX was closed on 1989-06-22. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to SEQUOR NATIONAL BANK TEXAS (DALLAS, TX). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

2393

FDIC Certificate

24630

FDIC FIN

4028

Bank name

PRESTON NORTH NATIONAL BANK

Location

DALLAS, TX

Failure date

1989-06-22

FDIC resolution date

1989-06-22

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$2M

Deposits at failure

$7M

Assets at failure

$7M

Acquiring bank

SEQUOR NATIONAL BANK TEXAS (DALLAS, TX)