Bank failure · TX

Port City Bank (Houston, TX) — failed January 28, 1988

Port City Bank of Houston, Texas was closed on January 28, 1988 and resolved through a purchase and assumption. Channelview Bank (TX) took over its insured deposits. At failure it held $60.7M in assets and $62.3M in deposits. The FDIC's estimated loss on the failure is $13.2M (21.7% of assets).