Data / Bank failures / 1988 / First American Bank & TR of Friendswood
First American Bank & TR of Friendswood, Friendswood, TX: failed March 10, 1988
First American Bank & TR of Friendswood in Friendswood, Texas, failed on March 10, 1988. It held $6.4 million in assets and $6.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.3 million (36.3% of its assets). By assets it was the 459th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- March 10, 1988
- Type
- Failure
- How it was resolved
- Payout: the FDIC paid insured depositors directly
- Total assets
- $6,353,000
- Total deposits
- $6,295,000
- Estimated cost to the FDIC
- $2,308,492 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- FDIC
- FDIC certificate
- 26546
Other bank failures in Texas, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Peoples State Bank | Dallas | December 14, 1990 | $30.3 million | $30.6 million | $6.3 million | Comerica Bank - Texas |
| The State Bank of Omaha | Omaha | December 14, 1990 | $20.5 million | $20.6 million | $5.3 million | The First National Bank of |
| Washington County State Bank | Brenham | December 13, 1990 | $77.7 million | $77.5 million | $9.4 million | Channelview Bank |
| Andrews Savings & Loan Assoc. | Andrews | December 7, 1990 | $126.1 million | $109.7 million | $11 million | |
| First National Bank of Rowlett | Rowlett | December 7, 1990 | $20.5 million | $21.4 million | $6.5 million | U.S. Trust Company of Texas |
| Heights Bank | Harker Heights | December 7, 1990 | $28.8 million | $27 million | $4.7 million | Heights State Bank |
| First Southwest FS & La | Tyler | November 30, 1990 | $51.2 million | $45.3 million | $4.9 million | Citizens Bank |
| Atascosa Sa | Jourdanton | November 30, 1990 | $34.7 million | $32.9 million | $7.1 million |
All bank failures in 1988 · All bank failures in Texas · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. 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.