Data / Bank failures / 1988 / Southern Federal Banc S&LA
Southern Federal Banc S&LA, Lancaster, TX: received FDIC assistance December 22, 1988
Southern Federal Banc S&LA in Lancaster, Texas, received open bank assistance from the FDIC on December 22, 1988. It held $91.3 million in assets and $166.1 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $171.9 million (188.1% of its assets). By assets it was the 198th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- December 22, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Consolidated S&LA, Dallas, TX
- Total assets
- $91,347,000
- Total deposits
- $166,081,000
- Estimated cost to the FDIC
- $171,862,100 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 31348
Other bank failures in Texas, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Peoples State Bank | Dallas | December 14, 1990 | $30.3 million | $30.6 million | $6.3 million | Comerica Bank - Texas |
| The State Bank of Omaha | Omaha | December 14, 1990 | $20.5 million | $20.6 million | $5.3 million | The First National Bank of |
| Washington County State Bank | Brenham | December 13, 1990 | $77.7 million | $77.5 million | $9.4 million | Channelview Bank |
| Andrews Savings & Loan Assoc. | Andrews | December 7, 1990 | $126.1 million | $109.7 million | $11 million | |
| First National Bank of Rowlett | Rowlett | December 7, 1990 | $20.5 million | $21.4 million | $6.5 million | U.S. Trust Company of Texas |
| Heights Bank | Harker Heights | December 7, 1990 | $28.8 million | $27 million | $4.7 million | Heights State Bank |
| First Southwest FS & La | Tyler | November 30, 1990 | $51.2 million | $45.3 million | $4.9 million | Citizens Bank |
| Atascosa Sa | Jourdanton | November 30, 1990 | $34.7 million | $32.9 million | $7.1 million |
Other failed banks Consolidated S&LA took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Metroplex Federal Savings Association (assistance) | Hurst | TX | December 22, 1988 | $64.8 million | $66.9 million | $43.5 million | Consolidated S&LA |
| Reliance Savings Association (assistance) | Houston | TX | December 22, 1988 | $41.5 million | $55.8 million | $59.9 million | Consolidated S&LA |
| Interwest Savings Association (assistance) | Fort Worth | TX | December 22, 1988 | $109.4 million | $176.4 million | $168.4 million | Consolidated S&LA |
| Vista Savings Association (assistance) | Odessa | TX | December 22, 1988 | $133.1 million | $148.5 million | $122 million | Consolidated S&LA |
| Sentry Savings Association (assistance) | Slaton | TX | December 22, 1988 | $87 million | $151.5 million | $156 million | Consolidated S&LA |
| First FS&LA (assistance) | Big Spring | TX | December 22, 1988 | $129.3 million | $113.2 million | $73.8 million | Consolidated S&LA |
| Lamesa FS&LA (assistance) | Lamesa | TX | December 22, 1988 | $89.3 million | $80.7 million | $20.7 million | Consolidated S&LA |
| Commodore Savings Association (assistance) | Dallas | TX | December 22, 1988 | $499.4 million | $1.14 billion | $1.35 billion | Consolidated S&LA |
All bank failures in 1988 · All bank failures in Texas · Every failed bank Consolidated S&LA 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.