Sanderson
State Bank's sole office will reopen on Monday as a branch of The Pecos County
State Bank. All depositors of the failed bank will automatically become
depositors of The Pecos County State Bank. Deposits will continue to be insured
by the FDIC, so there is no need for customers to change their existing banking
relationship to retain their deposit insurance coverage. Customers of the
failed bank should continue to use the same banking location until they receive
further information from The Pecos County State Bank.
Over the
weekend, depositors of Sanderson State Bank will have access to all of their
money by writing checks or using ATMs or debit cards. Checks drawn on the bank
will continue to be processed. Loan customers should continue to make their
payments as usual.
As of
December 3, 2008, Sanderson State Bank had total assets of $37 million and
total deposits of $27.9 million. The Pecos County State Bank agreed to assume
all of the deposits for a .55 percent premium. In addition to assuming all of
the failed bank's deposits, The Pecos County State Bank will purchase approximately
$3.8 million of assets, and have the option to purchase owned premises and
equipment. The FDIC will retain the remaining assets for later disposition.
Customers who
have questions about today's transaction can call the FDIC toll-free at
1-866-782-1766. This phone number will be operational this evening until 9:00
p.m., CST; on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon
until 6:00 p.m., CST; and thereafter from 8 a.m. to 8 p.m., Central. Interested
parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/sanderson.html.
The FDIC
estimates that the cost to the Deposit Insurance Fund will be $12.5 million.
The Pecos County State Bank's acquisition of all the deposits was the least
costly resolution for the FDIC's Deposit Insurance Fund compared to
alternatives. Sanderson State Bank is the 25th bank to fail in the nation this
year, and the second in Texas. The last bank to be closed in the state was
Franklin Bank, SSB, Houston, TX, on November 7, 2008.