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Closing of Texas Bank Pushes Year’s Failures to 74

The Texas Department of Banking and the FDIC seized control of ""First International Bank"":http://fibtx.com/ in Plano, Texas, over the weekend.


The closing is expected to cost the FDIC's insurance fund $53.8 million and brings the ""agency's failed-bank tally"":http://www.fdic.gov/bank/individual/failed/banklist.html to 74 for the 2011 calendar year.

First International Bank operated seven branch locations, with $208.8 million in deposits and approximately $239.9 million in assets.

The FDIC brokered a deal with Houston, Texas' ""American First National Bank"":http://www.afnb.com to take over the failed institution and purchase essentially all of its assets.

First International Bank is the first FDIC-insured institution to go under this year in Texas. The last closing in the Lone Star State was in February of 2010.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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