Data / Bank failures / 1986 / First State Bank
First State Bank, Memphis, TX: failed March 27, 1986
First State Bank in Memphis, Texas, failed on March 27, 1986. Memphis State Bank of Memphis, TX, took over its deposits. It held $17 million in assets and $16.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $4.7 million (27.7% of its assets). By assets it was the 149th largest of 204 banks closed or assisted in 1986.
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The FDIC's record
- Closed
- March 27, 1986
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Memphis State Bank, Memphis, TX
- Total assets
- $17,008,000
- Total deposits
- $16,307,000
- Estimated cost to the FDIC
- $4,708,074 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 11911
Other bank failures in Texas, 1984 to 1988
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| United Savings Association of Texas (assistance) | Houston | December 30, 1988 | $4.64 billion | $3.50 billion | $1.52 billion | United Sa of Texas FSB |
| Bayview Fsa (assistance) | Corpus Christi | December 29, 1988 | $64.6 million | $70.4 million | $48.2 million | Pacific Southwest SB FSB |
| Keystone S&LA (assistance) | Lampasas | December 29, 1988 | $30.7 million | $35.1 million | $23.8 million | Pacific Southwest SB FSB |
| Ranchers Savings Association (assistance) | Johnson City | December 29, 1988 | $56.2 million | $93.3 million | $112.4 million | Texas Trust Savings Bank FS |
| Independence S&LA (assistance) | Gonzales | December 29, 1988 | $59.1 million | $60.6 million | $53.2 million | Pacific Southwest Bank FSB |
| Lee Savings Association (assistance) | Giddings | December 29, 1988 | $73.9 million | $87.5 million | $62.7 million | Texas Trust Savings Bank FS |
| Union Sa (assistance) | San Antonio | December 29, 1988 | $72.1 million | $73.8 million | $42.7 million | Pacific Southwest SB FSB |
| Burnet S&LA (assistance) | Burnet | December 29, 1988 | $28.1 million | $27.4 million | $11.5 million | Texas Trust Savings Bank FS |
Other failed banks Memphis State Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Peoples State Bank | Turkey | TX | April 30, 1987 | $5.8 million | $5.8 million | $1.3 million | Memphis State Bank |
All bank failures in 1986 · All bank failures in Texas · Every failed bank Memphis State 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.