Closed Friday, July 29, 1988 · Dallas, Dallas County, Texas
First RepublicBank Dallas, National Association
By total assets First RepublicBank Dallas, National Association is the seventh-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. No failed bank in Texas was larger, of 738 on record there since 1934. Its estimated cost to the FDIC insurance fund makes it the 13th-costliest failure on FDIC record since 1934.
On the books, 1984 to 1988
Total assets peaked at $20.0 billion in the second quarter of 1987 and were 15% lower at the final report. Equity capital went from 4.2% of assets in the first quarter of 1984 to below zero at the last report. By then 23% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $1.6 billion, was booked in 1988 in only part of the year.* 1988: January to June only, the last report before closing.
Size against the other 1988 failures
Total assets of each 1988 failure, log scale; First RepublicBank Dallas in red.
By assets it ranked first of the 232 failures in 1988. The next-largest failure of that year was First RepublicBank Houston, National Association of Houston, Texas ($2.7 billion, loss 20% of assets). Every 1988 failure in the explorer.
Regulators closed 42 banks that day. The largest of the others was First RepublicBank Houston, National Association of Houston, Texas, at $2.7 billion.
Failures in Texas
In 1988 regulators closed 120 banks in Texas; this was the 45th. The previous failure there was First Capitol Bank of West Columbia, on July 28, 1988. The next was First Bank of Balch Springs, on August 11, 1988. Dallas County has 76 failed banks on FDIC record since 1934. Closest in time: Parkway Bank & Trust (1988), First Bank (1988), Sunbelt Savings Association of Texas (1988), Multibanc Savings Association (1988), Highland Park National Bank (1988).