Bank failure · TX

Galena Park State Bank (Galena Park, TX) — failed August 11, 1988

Galena Park State Bank of Galena Park, Texas was closed on August 11, 1988 and resolved through a purchase and assumption. Lockwood Nb of Houston (TX) took over its insured deposits. At failure it held $24.8M in assets and $28.9M in deposits. The FDIC's estimated loss on the failure is $7.2M (29.0% of assets).