CLIFTON NATIONAL BANK Failed 1990

What happened

CLIFTON NATIONAL BANK of CLIFTON, TX was closed on 1990-06-07. The FDIC was named receiver.

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

Deposits were transferred to FIRST NATIONAL BANK IN VALL (VALLEY MILLS, TX). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

2804

FDIC Certificate

25300

FDIC FIN

4222

Bank name

CLIFTON NATIONAL BANK

Location

CLIFTON, TX

Failure date

1990-06-07

FDIC resolution date

1990-06-07

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

$12M

Assets at failure

$12M

Acquiring bank

FIRST NATIONAL BANK IN VALL (VALLEY MILLS, TX)