Bank failure · TX

Gibraltar Sa (Houston, TX) — failed December 27, 1988

Gibraltar Sa of Houston, Texas was closed on December 27, 1988 and resolved through a a/a. First Gibraltar Bank FSB (TX) took over its insured deposits. At failure it held $6.5B in assets and $4.6B in deposits. The FDIC's estimated loss on the failure is $2.9B (44.2% of assets).