Data / Bank failures / 1988 / First City Savings Association
First City Savings Association, Irving, TX: failed August 19, 1988
First City Savings Association in Irving, Texas, failed on August 19, 1988. Sunbelt Savings FSB of Dallas, TX, took over its deposits. It held $227 million in assets and $258.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $200 million (88.1% of its assets). By assets it was the 94th largest of 470 banks closed or assisted in 1988.
SpecStream is the live web data engine for teams and agents. It reads the FDIC failed bank data every morning, and this page is that reading. Ask for the banks you follow and each new closure arrives in your sheet, CRM, Slack or agent as the FDIC announces it.
The FDIC's record
- Closed
- August 19, 1988
- Type
- Failure
- Acquirer
- Sunbelt Savings FSB, Dallas, TX
- Total assets
- $227,003,000
- Total deposits
- $258,514,000
- Estimated cost to the FDIC
- $199,998,600 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 31892
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 |
Other failed banks Sunbelt Savings FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Texana S&LA | Texarkana | TX | August 19, 1988 | $78.1 million | $75.5 million | $48.1 million | Sunbelt Savings FSB |
| Summit Savings Association (assistance) | Dallas | TX | August 19, 1988 | $185.9 million | $320.8 million | $325.2 million | Sunbelt Savings FSB |
| Sunbelt Savings Association of Texas | Dallas | TX | August 19, 1988 | $2.21 billion | $3.26 billion | $3.79 billion | Sunbelt Savings FSB |
| Multibanc Savings Association | Dallas | TX | August 19, 1988 | $190.7 million | $223 million | $163.2 million | Sunbelt Savings FSB |
| Federated S&LA | San Antonio | TX | August 19, 1988 | $150.1 million | $158.1 million | $97.8 million | Sunbelt Savings FSB |
All bank failures in 1988 · All bank failures in Texas · Every failed bank Sunbelt Savings FSB took over · 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.