Data / Bank failures / 1987 / First Bank of Saginaw
First Bank of Saginaw, Saginaw, TX: failed April 16, 1987
First Bank of Saginaw in Saginaw, Texas, failed on April 16, 1987. Southwest Bank of Fort Worth, TX, took over its deposits. It held $30.6 million in assets and $29.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $8.3 million (27.2% of its assets). By assets it was the 114th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- April 16, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Southwest Bank, Fort Worth, TX
- Total assets
- $30,622,000
- Total deposits
- $29,945,000
- Estimated cost to the FDIC
- $8,320,107 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 20724
Other bank failures in Texas, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Columbia Fsa | Nassau Bay | December 21, 1989 | $77.1 million | $71.1 million | $36 million | |
| Canyon Lake Bank | Canyon Lake | December 14, 1989 | $31 million | $32.1 million | $9.2 million | Victoria Bank & Trust Compa |
| Midlothian National Bank | Midlothian | December 13, 1989 | $10 million | $11.5 million | $4.1 million | The First National Bank in |
| Westheimer Memorial Bank, NA | Houston | December 7, 1989 | $38.9 million | $47.7 million | $20.1 million | Hibernia National Bank in T |
| First National Bank of Frisco | Frisco | December 7, 1989 | $9 million | $9.4 million | $976,425 | Hibernia National Bank in T |
| Aledo State Bank | Aledo | December 7, 1989 | $9.9 million | $9.7 million | $406,520 | Citizens National Bank of W |
| Austin FS & La | Austin | November 30, 1989 | $113.4 million | $85 million | $21.6 million | |
| Fortune Financial Fed. S & L Assoc | Copperas Cove | November 30, 1989 | $84.2 million | $74.5 million | $35.3 million |
All bank failures in 1987 · 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.