COMMUNITY NATIONAL BANK Failed 1991

What happened

COMMUNITY NATIONAL BANK of SHERMAN, TX was closed on 1991-04-18. The FDIC was named receiver.

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

Deposits were transferred to AMERICAN BANK OF SHERMAN, N (SHERMAN, TX). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3068

FDIC Certificate

25120

FDIC FIN

4344

Bank name

COMMUNITY NATIONAL BANK

Location

SHERMAN, TX

Failure date

1991-04-18

FDIC resolution date

1991-04-18

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$3M

Deposits at failure

$19M

Assets at failure

$19M

Acquiring bank

AMERICAN BANK OF SHERMAN, N (SHERMAN, TX)