# CITIZENS BANK

> **Failed bank** · GALVESTON, TX · failed 1989-10-12 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $5M

## What happened

CITIZENS BANK of GALVESTON, TX was closed by regulators on **1989-10-12**. The FDIC was named receiver.

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

Deposits were transferred to **BANK OF GALVESTON, NATIONAL** (GALVESTON, TX). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 2524
- **FDIC Certificate:** 18876
- **FDIC FIN:** 4101
- **Bank name:** CITIZENS BANK
- **Location:** GALVESTON, TX
- **Failure date:** 1989-10-12
- **FDIC resolution date:** 1989-10-12
- **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:** $5M
- **Deposits at failure:** $32M
- **Assets at failure:** $31M
- **Acquiring bank:** BANK OF GALVESTON, NATIONAL (GALVESTON, TX)

## Primary source

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

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, CITIZENS BANK (FDIC ID 2524), failed 1989-10-12. Retrieved via AI Analytics 2026-07-02 from https://api.ai-analytics.org/failed-bank/2524.

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