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Franklin Bank fails

POSTED: Sunday, November 9, 2008 - 8:19pm

UPDATED: Wednesday, March 17, 2010 - 11:59am

TEXAS— The Texas Department of Savings and Mortgage Lending and the FDIC shut down Houston-based Franklin Bank Friday. This is the 18th federally insured bank to fail this year and the first Texas bank to fail since the 1980s.

The FDIC was the appointed receiver of Franklin Bank. The bank had almost $5 billion in assets and almost $4 billion in deposits as of the end of September. But not to worry if you're a Franklin Bank customer - according to the FDIC, all of the bank's deposits will be assumed by Prosperity Bank.

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