First National Bank
Covington, LA · Owner: First National Corp
$262M
total assets, September 30, 1988
$262M
total assets, September 30, 1988
First National Bank was a national bank in Covington, LA, owned by First National Corp. It failed on Nov 18, 1988, and Hibernia National Bank took over its deposits. At its last report it held $262.2 million in assets.
Updated Oct 11, 2026 · numbers as of September 30, 1988
This bank failed
- Failed on
- Nov 18, 1988
- Assets
- $262M
- Deposits
- $298M
- Estimated cost
- $124M
- Deposits went to
- Hibernia National Bank, New Orleans, LA
Total assets
$262M
-9.4% in a year · -21.4% in a quarter
Deposits
$298M
+7.4% in a year · -12.3% in a quarter
Loans
$214M
-0.6% in a year · -17.4% in a quarter
Profit so far
-$63.6M
Jan 1 to Sep 30, 1988
Capital ratio
-18.40%
-20.38 pts in a year
Return on assets
-24.59%
-18.48 pts in a year
Facts
- Type
- National bank
- Head office
- 221 North New Hampshire Street, Covington, LA, 70434
- County
- St. Tammany
- Holding company
- First National Corp
- Established
- Jul 2, 1962
- Failed
- Nov 18, 1988
- Employees
- 306
- Id
- b18554
Quarter by quarter
March 31, 1984 to September 30, 1988
Assets, deposits and loans
Each quarter end, US dollars
Profit by quarter
Net income of each quarter, the last 12
Ratios
Percent. Return on assets and net interest margin are yearly rates.
Related pages
Questions and answers
How big is First National Bank?
$262.2 million in total assets and $297.9 million in deposits as of September 30, 1988, with assets down 9.4% from a year before. Its loans were $213.6 million.
Is First National Bank profitable?
No: it lost $63.6 million from January 1 to September 30, 1988. Its return on assets was -24.59% a year; about 1% is typical.
Who owns First National Bank?
First National Bank is owned by First National Corp, its holding company.
When did First National Bank fail?
Nov 18, 1988. Hibernia National Bank of New Orleans, LA took over its deposits. The estimated cost of the failure was $124.3 million.
Official public data from the reports every insured bank files each quarter. Profit so far runs from January 1 to the quarter end. Branch deposits are counted once a year, as of June 30. New quarters appear about two months after the quarter ends.