Bank failure · TX
Island Bank (South Padre Island, TX) — failed March 16, 1989
Island Bank of South Padre Island, Texas was closed on March 16, 1989 and resolved through a purchase and assumption. Firstbank (TX) took over its insured deposits. At failure it held $17.5M in assets and $17.2M in deposits. The FDIC's estimated loss on the failure is $6.2M (35.4% of assets).
- Closing date
- March 16, 1989
- FDIC certificate #
- 21850
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Firstbank
- Insurance fund
- FDIC
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