First International Bank, of Plano, TX, failed this week, bringing this year’s total number of FDIC-insured bank failures to 74. Read more below.
First International Bank, headquartered in the Dallas-area city of Plano, TX, was closed on Friday by the FDIC and the Texas Department of Banking. Founded in 1991, the First International Bank had been in business just 20 years. It had just seven branches, between Texas and Nevada.
According to the FDIC’s last estimates, First International Bank had $239.9 million in assets, according to the FDIC, as well as $208.8 million in deposits. The FDIC has taken it into receivership, and estimates that the total loss to the Deposit Insurance Fund will be about $53.8 million.
American First National Bank Purchases First International Bank
American First National Bank, an Asian-American owned bank based in Houston, TX, with five banches in that city, and four in Dallas, will be purchasing and assuming all of First International Bank’s deposits and assets. The purchase agreement should be good for customers in the Dallas area, who will soon have access to more branches.
Customers of First International Bank should expect no interruptions in service as they become American First National Bank customers. They should continue to use their own branches until certain systems are integrated, at which point they can go to existing American First National Bank branches.
Bank Failure Progress Update
First International Bank is the 74th FDIC-insured bank to fail this year. FDIC-insured closures have slowed since 2010. At the beginning of October in 2010, 129 banks had been closed by the FDIC. Curious to see how your home state is doing with bank failures? Keep updated with bank failures by checking out our list and interactive map of the latest developments.