WASHINGTON (12/17/13)--A community bank in Texas closed, bringing the total number of failed banks this year to 25, the Federal Deposit Insurance Corp announced Friday.
Texas Community Bank N.A., The Woodlands, Texas, was shuttered by the Office of the Comptroller of the Currency. Its deposits were assumed by Spirit of Texas Bank SSB, College Station, Texas, after it entered into a purchase and assumption agreement with the FDIC.
As of Dec. 13, the two banks had approximately $700 million in combined assets, and $580 in deposits.
The cost of the failure to the Deposit Insurance Fund will be roughly $10.8 million, the FDIC estimated.
The National Credit Union Administration has closed 13 credit unions this year.