Data / Bank failures / 1988 / Alaska Continental Bank
Alaska Continental Bank, Anchorage, AK: failed August 3, 1988
Alaska Continental Bank in Anchorage, Alaska, failed on August 3, 1988. First Interstate Bank of of Anchorage, AK, took over its deposits. It held $51.5 million in assets and $52.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $20.5 million (39.9% of its assets). By assets it was the 272nd largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- August 3, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Interstate Bank of, Anchorage, AK
- Total assets
- $51,496,000
- Total deposits
- $52,254,000
- Estimated cost to the FDIC
- $20,536,173 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 24139
Other bank failures in Alaska, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Alliance Bank | Anchorage | April 21, 1989 | $779 million | $797.2 million | $75.9 million | National Bank of Alaska |
| Home Savings Bank | Anchorage | March 2, 1989 | $91.5 million | $82.7 million | $63.2 million | Security Pacific Bank Ak, N |
| First Federal Bank of Alaska | Anchorage | March 2, 1989 | $137.6 million | $192.3 million | $134 million | First NB of Anchorage |
| Alaska Statebank | Anchorage | February 3, 1989 | $90.8 million | $96.9 million | $17.3 million | Key Bank of Alaska |
| United Bank Alaska (assistance) | Anchorage | January 28, 1988 | $314.3 million | $368.3 million | $170.7 million | Alliance Bank |
| Alaska Mutual Bank (assistance) | Anchorage | January 28, 1988 | $1.18 billion | $924.8 million | $170.7 million | National Bank of Alaska |
| First Interstate Bank of Alaska | Anchorage | December 11, 1987 | $367.7 million | $358.9 million | $104.4 million | National Bank of Alaska |
| Alaska National Bank of the North | Fairbanks | October 22, 1987 | $203.1 million | $200.2 million | $34.3 million | National Bank of Alaska |
All bank failures in 1988 · All bank failures in Alaska · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.