FIs closed: The La Coste National Bank, La Coste, Texas, USA
The La Coste National Bank, La Coste, Texas, was closed on 19 February 2010 by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community National Bank, Hondo, Texas, to assume all of the deposits of The La Coste National Bank.
The sole branch of The La Coste National Bank will reopen today (Monday) as a branch of Community National Bank.
As of 31 December, 2009, The La Coste National Bank had approximately USD53.9 million in total assets and USD49.3 million in total deposits. Community National Bank will pay the FDIC a premium of 0.51 percent to assume all of the deposits of The La Coste National Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD3.7 million. The La Coste National Bank is the 18th FDIC-insured institution to fail in the nation this year, and the first in Texas.
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