Bank failure · TX

Petroplex Savings Association (Midland, TX) — failed October 14, 1988

Petroplex Savings Association of Midland, Texas was closed on October 14, 1988 and resolved through a a/a. Olney S&la (TX) took over its insured deposits. At failure it held $113.9M in assets and $178.1M in deposits. The FDIC's estimated loss on the failure is $156.5M (137.4% of assets).