Data / Bank failures / 1988 / First Southwest Bank
First Southwest Bank, Eldorado, OK: failed December 16, 1988
First Southwest Bank in Eldorado, Oklahoma, failed on December 16, 1988. First State BANK&TRUST C of Hollis, OK, took over its deposits. It held $9.8 million in assets and $9.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.4 million (24.3% of its assets). By assets it was the 436th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- December 16, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First State BANK&TRUST C, Hollis, OK
- Total assets
- $9,826,000
- Total deposits
- $9,710,000
- Estimated cost to the FDIC
- $2,387,413 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- FDIC
- FDIC certificate
- 15670
Other bank failures in Oklahoma, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First State Bank | Lexington | December 13, 1990 | $7.5 million | $7.6 million | $882,935 | The McClain County National |
| The Pawnee National Bank (assistance) | Pawnee | September 12, 1990 | $14.2 million | $14.6 million | $2.3 million | The Pawnee National Bank |
| Broken Arrow Savings Assoc. | Broken Arrow | August 24, 1990 | $26.9 million | $23.2 million | $5 million | Metro Bank of Broken Arrow |
| Capitol Bank & Trust | Oklahoma City | August 16, 1990 | $33.1 million | $32.5 million | $4.1 million | First Fidelity Bank, Nation |
| First National Bank | Purcell | July 26, 1990 | $10.9 million | $11.1 million | $1.5 million | McClain County National Ban |
| Bank of Wilson | Wilson | July 26, 1990 | $13 million | $13 million | $1.8 million | American National Bank |
| American National Bank | Elk City | June 28, 1990 | $14.8 million | $14.8 million | $1.4 million | First Community Bank |
| Brookwood National Bank | Oklahoma City | June 28, 1990 | $26.9 million | $26.8 million | $5.6 million | The Liberty National Bank A |
All bank failures in 1988 · All bank failures in Oklahoma · 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.