Number Four Fails

For the first time in nearly two months, regulators decided to shut down a bank. Fourth-ranked Texas Community Bank, N.A. of The Woodlands, Texas, was closed today by the Office of the Comptroller of the Currency. Spirit of Texas Bank, SSB (4230th) of College Station, Texas, has agreed to acquire $147.9 million of the failed bank's approximately $160.1 million in total assets. In addition, they will assume $142.6 million in total deposits. The FDIC will retain the remaining assets for later disposition.The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.8 million.