And the 25th FDIC bank failure this year is Sanderson State Bank, Sanderson, Texas.
Sanderson State Bank of Sanderson, Texas was closed by the Federal Deposit Insurance Corp. and by the Texas Department of Banking Friday, bringing to 25 the number of U.S. bank failures this year amid the credit crisis and economic slowdown.
Sanderson was the second bank to fall tonight to a receiver hand picked by the FDIC. In this case, the receiver is Pecos County State Bank.
The FDIC said late Friday that The Pecos County State Bank of Fort Stockton, Texas, will assume all of Sanderson State's deposits. As of Dec. 3, Sanderson had total assets of $37 million and total deposits of $27.9 million.
Pecos County State Bank will assume all of the deposits for a 0.55% premium, and buy $3.8 million of assets, with the option to buy owned premises and equipment.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $12.5 million. The Pecos County State Bank's acquisition of all the deposits was the least costly resolution for the FDIC's Deposit Insurance Fund compared to alternatives, the FDIC said.
For more information go to the official FDIC web page or see the official press release.
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