Franklin Bank becomes 18th US bank failure in 2008
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.
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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