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| Texas bank failure could have local impact |
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| East Texas |
| Written by Kmoo News |
| Tuesday, 11 November 2008 16:08 |
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Last week the FDIC closed Houston-based Franklin Bank and transferred most of its assets to Prosperity Bank. Franklin Bank had branches in East Texas and its takeover could have a local impact, especially in Van Zandt County. Van Zandt County commissioners, who had county accounts with Franklin Bank, will meet on Wednesday morning in an emergency session to discuss the situation with Prosperity Bank representatives. The meeting is scheduled for 9 a.m., Wednesday at the courthouse in Canton. In a press release issued late last week, the FDIC said all 46 branches would become Prosperity Bank branches and customers did not need to change their accounts to maintain FDIC protection of their deposits. The FDIC called the transfer to Prosperity Bank the "least costly" of the alternatives. Franklin Bank is the 18th U.S. bank to fail this year. |
