~FDIC Friday - 12-13-13 ~
Posted: Sun Dec 15, 2013 8:55 pmSpirit of Texas Bank, SSB, College Station, Texas, Assumes All of the Deposits of Texas Community Bank, National Association, The Woodlands, Texas
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.
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.