Bank failure · TX

Majestic Savings Association (McKinney, TX) — failed August 18, 1988

Majestic Savings Association of McKinney, Texas was closed on August 18, 1988 and resolved through a a/a. American Federal Bank FSB (TX) took over its insured deposits. At failure it held $283.5M in assets and $333.0M in deposits. The FDIC's estimated loss on the failure is $226.3M (79.8% of assets).