Bank failure · TX

Gulf Coast Savings Association (Richmond, TX) — failed September 9, 1988

Gulf Coast Savings Association of Richmond, Texas was closed on September 9, 1988 and resolved through a a/a. Heights of Texas FSB (TX) took over its insured deposits. At failure it held $59.9M in assets and $72.3M in deposits. The FDIC's estimated loss on the failure is $86.6M (144.6% of assets).