Friday, September 13, 2013

Bank Failure #22 in 2013: First National Bank, Edinburg, Texas

by Bill McBride on 9/13/2013 07:52:00 PM

From the FDIC: PlainsCapital Bank, Dallas, Texas, Assumes All of the Deposits of First National Bank, Edinburg, Texas

As of June 30, 2013, First National Bank had approximately $3.1 billion in total assets and $2.3 billion in total deposits. In addition to assuming all of the deposits of First National Bank, PlainsCapital Bank agreed to purchase approximately $2.7 billion of First National Bank's assets. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $637.5 million. ... First National Bank is the 22nd FDIC-insured institution to fail in the nation this year, and the first in Texas. The last FDIC-insured institution closed in the state was First International Bank, Plano, on September 30, 2011.
The FDIC is still at work. First National Bank was bigger than most recent failures.