Texas Bank Fails; 2011 Tally at 74

PLANO, Texas ( TheStreet) -- State regulators shut down First International Bank of Plano, Texas Friday evening, bringing this year's total number of bank failures to 74.

The failed bank was previously included in TheStreet's second-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by SNL Financial.

First International Bank had total assets of $239.9 million and deposits of $208.8 million when it failed. The bank slipped to undercapitalized at the end of the third quarter of last year, following a net loss of $14.4 million. The bank lost a total of $25.7 million during 2010 and $3.7 million during the first half of this year.

After the Texas Department of Banking seized First International Bank, the Federal Deposit Insurance Corp. was appointed receiver and sold the failed bank's $239.9 million in total assets and $208.8 million in deposits to American First National Bank of Houston.

The failed bank's seven branches were set to reopen during normal business hours as branches of American First National Bank.

The FDIC estimated the cost of First International Bank's failure to the deposit insurance fund would be $53.8 million.

Thorough Bank Failure Coverage

First International Bank was the first Texas institution to this year. Georgia leads all states with 19 failures this year, followed by Florida, with 11 failures, and Illinois, with seven bank closures.

All 396 bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.

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-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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