Bank failure · TX

First National Bank Austin (Austin, TX) — failed August 18, 1988

First National Bank Austin of Austin, Texas was closed on August 18, 1988 and resolved through a purchase and assumption. First State Bank (TX) took over its insured deposits. At failure it held $26.0M in assets and $27.2M in deposits. The FDIC's estimated loss on the failure is $12.1M (46.6% of assets).