Regulators close bank in Texas

Published on NewsOK Modified: December 13, 2013 at 6:53 pm •  Published: December 13, 2013
Advertisement
;

WASHINGTON (AP) — Regulators have closed a small bank in Texas, bringing the number of U.S. bank failures to 24 this year.

The Federal Deposit Insurance Corp. said Friday it has taken over Texas Community Bank NA, based in The Woodlands, Texas.

The lender, which operated two branches, had about $160.1 million in assets and $142.6 million in deposits as of Sept. 30.

Spirit of Texas Bank SSB, based in College Station, Texas, agreed to assume all of Texas Community Bank's deposits and to buy $147.9 million of the failed bank's assets.

The FDIC is retaining the remaining assets for later disposition.

The failure of Texas Community Bank is expected to cost the deposit insurance fund $10.8 million.

The lender is the second FDIC-insured institution to fail in Texas this year. In September, it shuttered First National Bank, based in Edinburg, Texas.

U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.

In 2007, only three banks went under. That number jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.

| |

Advertisement


Trending Now



AROUND THE WEB

  1. 1
    VIDEO: A look at the Air Jordan XX9
  2. 2
    Bovada: Thunder has third-best odds to win NBA title
  3. 3
    Another 'Kissing Congressman' staffer resigns
  4. 4
    GOP Lawmaker Introduces Bill To Withhold Eric Holder's Paycheck
  5. 5
    Texting Driver Who Slammed Cyclist: I, Like, 'Just Don't Care'
+ show more