Legend Bank, N.A., Bowie, Texas, Acquires the Insured Deposits of The Enloe State Bank, Cooper, Texas
The Enloe State Bank, Cooper, Texas, was closed today by the Texas Department of Banking, which then appointed the Federal Deposit Insurance Corporation (多宝游戏下载) as receiver. To protect the depositors, the 多宝游戏下载 entered into a purchase and assumption agreement with Legend Bank, N.A., Bowie, Texas, to assume the insured deposits of The Enloe State Bank.
The only office of The Enloe State Bank will reopen as a branch of Legend Bank, N.A. during their normal business hours starting Monday. Depositors of the failed bank will automatically become depositors of Legend Bank, N.A. Deposits assumed by Legend Bank, N.A. will continue to be insured by the 多宝游戏下载, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
Over the weekend, customers of The Enloe State Bank can access their insured deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2019, The Enloe State Bank had total assets of $36.7 million and total deposits of $31.3 million, of which there were approximately $500,000 that exceeded 多宝游戏下载 insurance limits. This estimate is likely to change once the 多宝游戏下载 obtains additional information from these customers.
Customers with accounts in excess of $250,000 should contact the 多宝游戏下载 toll-free at 1-888-408-4360 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m., Central Time (CT); on Saturday from 9:00 a.m. to 6:00 p.m., CT; on Sunday from 12:00 p.m. to 6:00 p.m., CT; Monday from 8:00 a.m. to 8:00 p.m., CT; and thereafter from 9:00 a.m. to 5:00 p.m., CT.
All customers who would like more information on today's transaction can call the toll-free number or visit the 多宝游戏下载's website at /bank/individual/failed/enloe.html .
Beginning Monday, depositors of The Enloe State Bank with more than $250,000 at the bank may visit the 多宝游戏下载's webpage "Is My Account Fully Insured?" at to determine their insurance coverage.
Legend Bank, N.A. agreed to assume the insured deposits for a 0.51% premium. It will also purchase approximately $5.2 million of the failed bank's assets. The 多宝游戏下载 will retain the remaining assets for later disposition.
The 多宝游戏下载 preliminarily estimates that the failure will cost its Deposit Insurance Fund about $27 million. The estimate will change over time as the assets are sold. The Enloe State Bank is the first bank to fail in the nation this year. The last bank failure was Washington Federal Bank for Savings in Chicago, Illinois on December 15, 2017. The last failure in Texas was Texas Community Bank, N.A., in The Woodlands, Texas on December 13, 2013.
Media contact:
Julianne Fisher Breitbeil
202-898-6895 (office)
202-340-2043 (mobile)
jbreitbeil@fdic.gov
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The 多宝游戏下载 insures deposits at the nation's banks and savings associations, 5,362 as of March 31, 2019. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The 多宝游戏下载 receives no federal tax dollars鈥攊nsured financial institutions fund its operations.
多宝游戏下载 press releases and other information are available on the Internet at , by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html ) and may also be obtained through the 多宝游戏下载's Public Information Center (877-275-3342 or 703-562-2200).