The Office of the Comptroller of the Currency has closed down Texas Community Bank, The Woodlands, Texas.

The Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver of the bank by the Office of the Comptroller of the Currency. FDIC has entered into a purchase and assumption agreement with Spirit of Texas Bank, SSB, College Station, Texas for all of the deposits of Texas Community Bank, National Association in order to protect the depositors.

Spirit of Texas Bank, SSB will reopen two of the branches of the Texas Community Bank, National Association. Following the transition, the depositors of Texas Community Bank, National Association will automatically become the depositors of Spirit of Texas Bank, SSB. The FDIC will continue to insure the deposits so that the customers will not have to change their deposit insurance coverage. Customers of Texas Community Bank, National Association can now continue to use their existing braches as usual until they receive a notice form Spirit of Texas Bank, SSB that their payments will can be processed by Spirit of Texas Bank, SSB.

Spirit of Texas Bank, SSB's acquisition was the cheapest alternative deal for the depositors as the FDIC estimates showed that the cost to the Deposit Insurance Fund (DIF) will be $10.8 million.