Data / Bank failures / 1987 / First State Bank
First State Bank, Milford, TX: failed June 11, 1987
First State Bank in Milford, Texas, failed on June 11, 1987. Ellis County State Bank of Milford, TX, took over its deposits. It held $7.3 million in assets and $6.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $1.9 million (26.5% of its assets). By assets it was the 239th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- June 11, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Ellis County State Bank, Milford, TX
- Total assets
- $7,304,000
- Total deposits
- $6,869,000
- Estimated cost to the FDIC
- $1,938,078 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 3346
Other bank failures in Texas, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Columbia Fsa | Nassau Bay | December 21, 1989 | $77.1 million | $71.1 million | $36 million | |
| Canyon Lake Bank | Canyon Lake | December 14, 1989 | $31 million | $32.1 million | $9.2 million | Victoria Bank & Trust Compa |
| Midlothian National Bank | Midlothian | December 13, 1989 | $10 million | $11.5 million | $4.1 million | The First National Bank in |
| Westheimer Memorial Bank, NA | Houston | December 7, 1989 | $38.9 million | $47.7 million | $20.1 million | Hibernia National Bank in T |
| First National Bank of Frisco | Frisco | December 7, 1989 | $9 million | $9.4 million | $976,425 | Hibernia National Bank in T |
| Aledo State Bank | Aledo | December 7, 1989 | $9.9 million | $9.7 million | $406,520 | Citizens National Bank of W |
| Austin FS & La | Austin | November 30, 1989 | $113.4 million | $85 million | $21.6 million | |
| Fortune Financial Fed. S & L Assoc | Copperas Cove | November 30, 1989 | $84.2 million | $74.5 million | $35.3 million |
All bank failures in 1987 · All bank failures in Texas · 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.