Data / Bank failures / 1989 / Merchants Marine Bank
Merchants Marine Bank, Port Isabel, TX: failed March 16, 1989
Merchants Marine Bank in Port Isabel, Texas, failed on March 16, 1989. Firstbank of Los Fresnos, TX, took over its deposits. It held $30.8 million in assets and $30.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $12.2 million (39.5% of its assets). By assets it was the 390th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 16, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Firstbank, Los Fresnos, TX
- Total assets
- $30,798,000
- Total deposits
- $30,355,000
- Estimated cost to the FDIC
- $12,154,545 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 18183
Other bank failures in Texas, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Alvarado National Bank | Alvarado | November 14, 1991 | $9.2 million | $9.5 million | $2.8 million | The First National Bank in |
| Union Bank | San Antonio | October 31, 1991 | $84.9 million | $85.2 million | $8.9 million | Channelview Bank |
| First National Bank, Bedford | Bedford | October 24, 1991 | $23.2 million | $23.3 million | $2.4 million | First International Bank |
| First Federal Savings | Lubbock | October 11, 1991 | $223.7 million | $222.5 million | $5.2 million | First NB of Lubbock |
| Reagan State Bank | Big Lake | October 3, 1991 | $20.3 million | $20.9 million | $4.6 million | Security State Bank |
| First Federal Savings | Beaumont | September 27, 1991 | $251.2 million | $251.7 million | $24.9 million | Kilgore FS&LA |
| Davy Crockett FS & La | Crockett | September 13, 1991 | $50.5 million | $48.3 million | $2.3 million | |
| The San Saba National Bank | San Saba | August 29, 1991 | $15.6 million | $15.5 million | $1.1 million | First Llano Bank |
Other failed banks Firstbank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Island Bank | South Padre Island | TX | March 16, 1989 | $17.5 million | $17.2 million | $6.2 million | Firstbank |
All bank failures in 1989 · All bank failures in Texas · Every failed bank Firstbank 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.