Bank failure · TX

First Bank (Balch Springs, TX) — failed August 11, 1988

First Bank of Balch Springs, Texas was closed on August 11, 1988 and resolved through a purchase and assumption. Gateway National Bank (TX) took over its insured deposits. At failure it held $46.2M in assets and $46.1M in deposits. The FDIC's estimated loss on the failure is $5.2M (11.1% of assets).