State News

Sep 13, 2013 7:40 PM

Regulators Close First National Bank

WASHINGTON (AP) - Regulators have closed banks in Texas and Connecticut, bringing the number of U.S. bank failures to 22 this year.

The Federal Deposit Insurance Corp. said Friday it has taken over First National Bank, based in Edinburg, Texas, and The Community's Bank, based in Bridgeport, Conn.

First National had about $3.1 billion in assets and $2.3 billion in deposits as of June 30.

PlainsCapital Bank, based in Dallas, agreed to assume all the deposits and buy about $2.7 billion of First National's assets.

A release from the FDIC says all 51 branches of First National will reopen as branches of PlainsCapitalBank and all depositiors will automatically become customers of that bank.

The FDIC says customers can continue to write checks and use debit cards on their accounts.

The Community's Bank had about $26.3 million in assets and $25.7 million in deposits as of June 30.

The failure of the two lenders is expected to cost the deposit insurance fund $645.3 million combined.

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