07/01/2025

FDIC: ‘Suspected fraud’ contributed to Texas bank failure

Banking Dive

Dive Brief:

• The Santa Anna National Bank in Santa Anna, Texas, on Friday became the second bank to fail this year, after it was closed by the Office of the Comptroller of the Currency. 
• The Federal Deposit Insurance Corp., which was appointed receiver of the failed bank, entered into an agreement with Coleman County State Bank of Coleman, Texas, to assume all of Santa Anna’s insured deposits and some of its assets.
• “Suspected fraud” contributed to the single-branch bank’s failure and $23.7 million estimated cost to the Deposit Insurance Fund, the FDIC said. That estimate is likely to change as assets are sold, the regulator said.

Dive Insight:

Santa Anna, established in 1933, had $76.9 million in assets and $71.4 million in deposits as of mid-April. By June 18, those figures at the central Texas lender had dropped to $63.8 million in assets and $53.8 million in deposits, the FDIC said.