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Economy
In reply to the discussion: Weekend Economists and the Accidental President December 13-15, 2013 [View all]Demeter
(85,373 posts)1. A real Friday 13th--we have a bank failure in Texas!
Texas Community Bank, National Association, The Woodlands, Texas, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Spirit of Texas Bank, SSB, College Station, Texas, to assume all of the deposits of Texas Community Bank, National Association.
The two branches of Texas Community Bank, National Association will reopen as branches of Spirit of Texas Bank, SSB during their normal business hours...As of September 30, 2013, Texas Community Bank, National Association had approximately $160.1 million in total assets and $142.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Spirit of Texas Bank, SSB agreed to purchase approximately $147.9 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.8 million. Compared to other alternatives, Spirit of Texas Bank, SSB's acquisition was the least costly resolution for the FDIC's DIF. Texas Community Bank, National Association is the 24th FDIC-insured institution to fail in the nation this year, and the second in Texas. The last FDIC-insured institution closed in the state was First National Bank, Edinburg, on September 13, 2013.
RELATIVE PEANUTS. MUST HAVE BEEN IN DEEP TROUBLE, IF NO ONE WOULD BUY IT.
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