The Graveyard › Banks › 1989
Island Bank
South Padre Island, TX · failed March 16, 1989 · FDIC certificate 21850
Island Bank of South Padre Island, TX failed on March 16, 1989. It opened on December 9, 1974, 14 years before. At its last report before that it held $17.5 million in assets and $17.2 million in deposits. At its largest in the FDIC's quarterly reports, on March 31, 1988, it held $20.4 million. The FDIC estimates that the FDIC's insurance fund lost $6.2 million on it.
1984-031988-12
Assets at the end$17.5 millionlast report before March 16, 1989
Deposits at the end$17.2 million
Estimated loss to the fund$6.2 millionFDIC
Largest in the quarterly reports$20.4 millionMarch 31, 1988
Equity to assets1.2%December 31, 1988
Loans not being repaid23.4%noncurrent, December 31, 1988
Return on assets-3.11%a year's rate, December 31, 1988
Staff14full time, December 31, 1988
Also ended in 1989
- Gibraltar Savings, FA · Simi Valley, CA · $13.4 billion in assets
- City Savings, FSB · Somerset, NJ · $9.8 billion in assets
- MBank Dallas, National Association · Dallas, TX · $6.6 billion in assets
- Western Savings & Loan · Phoenix, AZ · $5.7 billion in assets
- Lincoln Savings & Loan · Irvine, CA · $4.9 billion in assets
- University Federal Savings · Houston, TX · $4.5 billion in assets
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.