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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.