The Graveyard › Banks › 1988
First National Bank
Covington, LA · failed November 18, 1988 · FDIC certificate 18554
First National Bank of Covington, LA failed on November 18, 1988. It opened on July 2, 1962, 26 years before. At its last report before that it held $262.2 million in assets and $297.9 million in deposits. At its largest in the FDIC's quarterly reports, on December 31, 1987, it held $399.9 million. The FDIC estimates that the FDIC's insurance fund lost $124.3 million on it.
1984-031988-09
Assets at the end$262.2 millionlast report before November 18, 1988
Deposits at the end$297.9 million
Estimated loss to the fund$124.3 millionFDIC
Largest in the quarterly reports$399.9 millionDecember 31, 1987
Equity to assets-22.5%September 30, 1988
Loans not being repaid19.1%noncurrent, September 30, 1988
Return on assets-24.59%a year's rate, September 30, 1988
Staff306full time, September 30, 1988
Also ended in 1988
- American S&LA · Stockton · $30.2 billion in assets · assisted
- First Republicbank-Dallas, N.A. · Dallas, TX · $17.1 billion in assets
- Gibraltar SA · Houston · $6.5 billion in assets · assisted
- United Savings Association of Texas · Houston · $4.6 billion in assets · assisted
- First City, Texas - Houston, NA · Houston · $4.4 billion in assets · assisted
- First Texas Savings Association · Dallas · $3.1 billion in assets · assisted
History, not advice.
Source: Federal Deposit Insurance Corporation, BankFind Suite API. Source values and institutional identifiers are retained; formatting and normalization by Underfolio. No FDIC endorsement is implied. How these numbers are made · Report a data issue.