Bank failure · TX
First Bank of Saginaw (Saginaw, TX) — failed April 16, 1987
First Bank of Saginaw of Saginaw, Texas was closed on April 16, 1987 and resolved through a purchase and assumption. Southwest Bank (TX) took over its insured deposits. At failure it held $30.6M in assets and $29.9M in deposits. The FDIC's estimated loss on the failure is $8.3M (27.2% of assets).
- Closing date
- April 16, 1987
- FDIC certificate #
- 20724
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Southwest Bank
- Insurance fund
- FDIC
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