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