Data / Bank failures / 1988 / The North American Bank
The North American Bank, Phoenix, AZ: failed January 8, 1988
The North American Bank in Phoenix, Arizona, failed on January 8, 1988. Columbia Bank of Avondale, AZ, took over its deposits. It held $32.3 million in assets and $30.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3.6 million (11.2% of its assets). By assets it was the 325th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- January 8, 1988
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Columbia Bank, Avondale, AZ
- Total assets
- $32,318,000
- Total deposits
- $30,691,000
- Estimated cost to the FDIC
- $3,604,657 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 23931
Other bank failures in Arizona, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Farmers and Merchants Bank | Buckeye | June 18, 1990 | $24 million | $22.4 million | $5.8 million | The Stockmen's Bank |
| Guardian Bank | Scottsdale | April 26, 1990 | $25.9 million | $27 million | $8.4 million | Citibank (arizona) |
| Central Arizona Bank | Chandler | April 26, 1990 | $6.6 million | $7.1 million | $1 million | Security Pacific Bank Arizo |
| Independent National Bank | Phoenix | March 15, 1990 | $12.4 million | $13.5 million | $3.2 million | Citibank(arizona) |
| Pima S & La | Tucson | March 2, 1990 | $2.73 billion | $2.13 billion | $160.5 million | Bank of America, Az |
| Gateway National Bank | Phoenix | February 15, 1990 | $8.6 million | $8.2 million | $5.9 million | Citibank (arizona) |
| Sentinel FS & La | Phoenix | February 2, 1990 | $174.9 million | $170.6 million | $39.3 million | Biltmore Investors Bank, NA |
| Merabank FSB | Phoenix | January 31, 1990 | $6.32 billion | $4.80 billion | $671.5 million |
All bank failures in 1988 · All bank failures in Arizona · 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.