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FDIC Shutters Texas Bank

With only weeks left before the end of 2013, ""FDIC"":http://www.fdic.gov/?source=govdelivery&utm_medium=email&utm_source=govdelivery has added another mark to its tally of the year's bank failures.

The ""Office of the Comptroller of the Currency"":http://occ.treas.gov/ (OCC) announced Friday the closure of Texas Community Bank,

[IMAGE] [COLUMN_BREAK]

National Association, in the Woodlands, Texas. As receiver, FDIC made a purchase and assumption agreement with College Station's ""Spirit of Texas Bank"":https://www.spiritoftexasbank.com/, SSB.

Under the agreement, Spirit of Texas Bank will assume all of the failed bank's deposits, which totaled approximately $142.6 million as of the end of the third quarter. It has also agreed to purchase approximately $147.9 million of Texas Community Bank's $160.1 million in total assets, with FDIC holding on to the rest for later disposition.

The closure and transfer will impact FDIC's Deposit Insurance Fund to the tune of about $10.8 million, the agency announced.

Texas Community Bank was the second FDIC-insured institution to close in Texas this year and mark's the nation's 24th overall.

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