Data / Bank failures / 1990 / First National Bank of Garland
First National Bank of Garland, Garland, TX: failed March 29, 1990
First National Bank of Garland in Garland, Texas, failed on March 29, 1990. State Bank of Texas of Dallas, TX, took over its deposits. It held $9.4 million in assets and $10.1 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.3 million (24.6% of its assets). By assets it was the 369th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- March 29, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- State Bank of Texas, Dallas, TX
- Total assets
- $9,394,000
- Total deposits
- $10,071,000
- Estimated cost to the FDIC
- $2,307,131 (estimate as of July 31, 2026)
- Charter
- National bank (supervised by the OCC)
- Insurance fund
- BIF
- FDIC certificate
- 24014
Other bank failures in Texas, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Citizens State Bank (assistance) | Princeton | December 10, 1992 | $12.9 million | $12.8 million | $246,897 | Citizens State Bank |
| First City, Texas - San Antonio | San Antonio | October 30, 1992 | $265.7 million | $259 million | The Frost National Bank | |
| First City, Texas - Corpus Chris | Corpus Christi | October 30, 1992 | $462.8 million | $383.4 million | Mercantile Bank, NA | |
| First City, Texas - Aransas Pass | Aransas Pass | October 30, 1992 | $51.7 million | $47.2 million | Corpus Christi National Ban | |
| First City, Texas - Alice, NA | Alice | October 30, 1992 | $128 million | $118 million | Alice Bank of Texas | |
| First City, Texas - Kountze, NA | Kountze | October 30, 1992 | $51.3 million | $47 million | Citizens Bank | |
| First City, Texas - El Paso, NA | El Paso | October 30, 1992 | $395.9 million | $367.3 million | Sunwest Bank of El Paso | |
| First City, Texas - Lake Jackson | Lake Jackson | October 30, 1992 | $104.3 million | $96.4 million | First Heights Bank, FSB |
Other failed banks State Bank of Texas took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Seaway Bank and Trust Company | Chicago | IL | January 27, 2017 | $297.8 million | $256.5 million | $43.7 million | State Bank of Texas |
| The National Republic Bank of Chicago | Chicago | IL | October 24, 2014 | $843.1 million | $809.6 million | $54.4 million | State Bank of Texas |
| Millennium State Bank of Texas | Dallas | TX | July 2, 2009 | $118.6 million | $115.5 million | $52.7 million | State Bank of Texas |
All bank failures in 1990 · All bank failures in Texas · Every failed bank State Bank of Texas 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.