Bank failure · TX
Merchants Marine Bank (Port Isabel, TX) — failed March 16, 1989
Merchants Marine Bank of Port Isabel, 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 $30.8M in assets and $30.4M in deposits. The FDIC's estimated loss on the failure is $12.2M (39.5% of assets).
- Closing date
- March 16, 1989
- FDIC certificate #
- 18183
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Firstbank
- Insurance fund
- FDIC
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