Sanderson State Bank of Sanderson, Texas fails: 25th of year

UpInArms

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Fri Dec-12-08 07:37 PM
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Sanderson State Bank of Sanderson, Texas fails: 25th of year

Source: CBS Marketwatch

SAN FRANCISCO (MarketWatch) -- The Federal Deposit Insurance Corporation said late Friday that the Sanderson State Bank of Sanderson, Texas, was closed by the Texas Department of Banking, making it the 25th U.S. bank failure of the year. The Pecos County State Bank of Fort Stockton, Texas, will assume all of Sanderson's deposits. As of Dec. 3, Sanderson had total assets of $37 million and total deposits of $27.9 million. Pecos County State Bank will assume all of the deposits for a 0.55% premium, and buy $3.8 million of assets, with the option to buy owned premises and equipment. It was the second bank failure announced by the FDIC on Friday.

Read more: http://www.marketwatch.com/news/story/fdic-state-regulators-seize-sanderson/story.aspx?guid=%7BCA33D1DE%2D9A49%2D479F%2DA14E%2D9BA5D0788700%7D&siteid=bnbh

Yippee! It's a twofer Friday!

:sarcasm:

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