Data / Bank failures / 1988 / First National Bank
First National Bank, Covington, LA: failed November 18, 1988
First National Bank in Covington, Louisiana, failed on November 18, 1988. Hibernia National Bank of New Orleans, LA, took over its deposits. It held $262.2 million in assets and $297.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $124.3 million (47.4% of its assets). By assets it was the 82nd largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- November 18, 1988
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Hibernia National Bank, New Orleans, LA
- Total assets
- $262,163,000
- Total deposits
- $297,944,000
- Estimated cost to the FDIC
- $124,317,891 (estimate as of July 31, 2026)
- Charter
- National bank (supervised by the OCC)
- Insurance fund
- FDIC
- FDIC certificate
- 18554
Other bank failures in Louisiana, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Southern FS | New Orleans | December 28, 1990 | $230.8 million | $230 million | $7 million | |
| Bank of Commerce | Alexandria | December 13, 1990 | $19.7 million | $19.9 million | $4.1 million | The Evangeline Bank and Tru |
| Louisiana Federal Savings Bank | Kenner | November 9, 1990 | $58.8 million | $50.5 million | $9.5 million | |
| Desoto FS & La | Mansfield | November 2, 1990 | $63.9 million | $63.1 million | $8.5 million | |
| The Peoples Bank & Trust Company | Natchitoches | October 5, 1990 | $117.1 million | $115.8 million | $12.6 million | Heritage Bank of Natchitoch |
| First Fsa | Winnfield | August 31, 1990 | $54.7 million | $51.1 million | $6.3 million | |
| American Bank & Trust Company | Baton Rouge | August 2, 1990 | $351.5 million | $319.8 million | $6.2 million | Hancock Bank of Louisiana |
| United FS & La | Vidalia | July 20, 1990 | $18.9 million | $18.9 million | $193 | Concordia B&TC |
Other failed banks Hibernia National Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Livingston Bank | Denham Springs | LA | March 16, 1989 | $106.3 million | $104.3 million | $16.5 million | Hibernia National Bank |
| Louisiana Bank & Trust Company | Shreveport | LA | February 16, 1989 | $270.4 million | $276.3 million | $70.5 million | Hibernia National Bank |
| The National Bank of Bossier City | Bossier City | LA | January 12, 1989 | $73.3 million | $76.4 million | $31.3 million | Hibernia National Bank |
| National Fidelity Bank of Shreveport | Shreveport | LA | July 28, 1988 | $10.5 million | $10.6 million | $2.9 million | Hibernia National Bank |
| United Mercantile Bank | Shreveport | LA | January 21, 1988 | $86.3 million | $78.2 million | $26.4 million | Hibernia National Bank |
| Hub City Bank & Trust Company | Lafayette | LA | February 20, 1987 | $38 million | $38.2 million | $12.9 million | Hibernia National Bank |
All bank failures in 1988 · All bank failures in Louisiana · Every failed bank Hibernia National Bank took over · 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.