Data / Bank failures / 1988 / First National Bank in Center
First National Bank in Center, Center, TX: failed December 15, 1988
First National Bank in Center in Center, Texas, failed on December 15, 1988. Citizens Bank of Kilgore, TX, took over its deposits. It held $26.1 million in assets and $26.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $5.5 million (21.3% of its assets). By assets it was the 356th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- December 15, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Citizens Bank, Kilgore, TX
- Total assets
- $26,056,000
- Total deposits
- $26,150,000
- Estimated cost to the FDIC
- $5,546,672 (estimate as of July 31, 2026)
- Charter
- National bank (supervised by the OCC)
- Insurance fund
- FDIC
- FDIC certificate
- 17654
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 Citizens Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Silver Falls Bank | Silverton | OR | February 20, 2009 | $134.2 million | $116 million | $39.1 million | Citizens Bank |
| Hartford-Carlisle SB | Carlisle | IA | January 14, 2000 | $105 million | $68.5 million | $11.6 million | Citizens Bank |
| First City, Texas - Kountze, NA | Kountze | TX | October 30, 1992 | $51.3 million | $47 million | Citizens Bank | |
| First City, Texas - Sour Lake | Sour Lake | TX | October 30, 1992 | $53.5 million | $48.8 million | Citizens Bank | |
| The First National Bank of Yorktown | Yorktown | TX | September 10, 1992 | $34.4 million | $34.5 million | $7.6 million | Citizens Bank |
| First Southwest FS & La | Tyler | TX | November 30, 1990 | $51.2 million | $45.3 million | $4.9 million | Citizens Bank |
| First Fsa of Nacogdoches | Nacogdoches | TX | November 30, 1990 | $61.9 million | $51.8 million | $22.3 million | Citizens Bank |
| The First National Bank of Levelland | Levelland | TX | August 30, 1990 | $62.2 million | $64.4 million | $9.4 million | Citizens Bank |
All bank failures in 1988 · All bank failures in Texas · Every failed bank Citizens Bank 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.