Bank failure · TX

The American Bank (Palestine, TX) — failed July 14, 1988

The American Bank of Palestine, Texas was closed on July 14, 1988 and resolved through a purchase and assumption. Royall Nb of Palestine (TX) took over its insured deposits. At failure it held $20.8M in assets and $20.4M in deposits. The FDIC's estimated loss on the failure is $3.8M (18.4% of assets).