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Texas Bank Fails
A state bank in Texas reopens Monday under new ownership after banking officials closed it Friday.
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(December 13, 2008)—The Sanderson State Bank was closed Friday by the Texas Department of Banking, and the Federal Deposit Insurance Corporation was named receiver.
The Pecos County State Bank in Fort Stockton assumed all of Sanderson's deposits, including those that exceeded the deposit insurance limit.
The reopens Monday morning as a branch of the Pecos bank, and customers should have uninterrupted access to their funds, state banking officials said.
As of Friday, the bank had deposits totaling about $27 million, including $16 million in brokered deposits.
Over the weekend, customers of Sanderson State Bank will have access to all of their money by writing checks or using ATMs or debit cards.
Checks drawn on the bank will be processed.
Loan customers should continue to make their payments as usual, the FDIC said.
Sanderson, about 275 miles west of San Antonio, is a town of about 800 people.
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And another one bites the dust!
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another money pool dries up in the fate of economic drought.
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It's only going to get worse before it gets better!!!!!!!
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