From 1980 to 1989, 425 Texas commercial banks failed. That included nine of the ten biggest ones. In 1988 alone, 175 Texas banks went under—representing $47.3 billion, about 25 percent of the entire state’s banking assets. You had banks collapsing across the board. Every savings and loan failed. Every Tuesday the FDIC would come in and close three or four more banks in town. You could almost set your watch to it. This went on for two years. It was horrific to watch, and it also resulted in an enormous shift in the banking industry, which was boiled down and consolidated. That’s why you have
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