October 2, 2014
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.
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