September 13, 2013
OCC Appoints Receiver for First National Bank, Edinburg, Texas
WASHINGTON – The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for First National Bank, Edinburg, Texas, a national bank. As of June 30, 2013, the institution had approximately $3 billion in total assets.
The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank incurred losses that depleted its capital, the bank is critically undercapitalized, and there is no reasonable prospect that the bank will become adequately capitalized.
The FDIC will release information about the resolution of the bank.