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Franklin Bank becomes 18th US bank failure in 2008

Fri Nov 7, 2008 7:32pm EST

WASHINGTON, Nov 7 (Reuters) - U.S. bank regulators closed Texas-based community bank Franklin Bank SSB on Friday, the 18th bank to fail this year as tough economic conditions and falling home prices take their toll on the financial industry.

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Prosperity Bank of El Campo, Texas, will acquire all the deposits of Franklin Bank, the Federal Deposit Insurance Corp said.

As of Sept. 30, Franklin Bank had total assets of $5.1 billion and total deposits of $3.7 billion, the FDIC said. (Reporting by Karey Wutkowski; Editing by Andre Grenon)

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