Receivership of TX bank to be terminated, FDIC says

The federal bank deposit insurance agency plans to terminate its receivership of Madisonville State Bank, Madisonville, Texas, in the next 30 days, the agency said in a Federal Register posting scheduled to publish Friday.

The Federal Deposit Insurance Corp. (FDIC), in the notice, says liquidation of the assets for the receivership has been completed. “To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors,” the notice says. It also advises that anyone with concerns about the termination of this receivership should contact FDIC before the 30-day period is up.

Side note: Madisonville State Bank was put in receivership Oct. 30, 2009, along with another eight banks; the Federal Deposit Insurance Corp. (FDIC) was named receiver of the nine banks and supervised a purchase and assumption by U.S. Bank, NA, of Minneapolis, Minnesota, a wholly-owned subsidiary of U.S. Bancorp. At the time, the nine banks, which had 153 offices, had combined assets of $19.4 billion and deposits of $15.4 billion, the agency reported then.

In addition to Madisonville Bank, that October 2009 action also involved Bank USA, National Association (Phoenix, Ariz.); California National Bank (Los Angeles, Calif.); San Diego National Bank (San Diego, Calif.); Pacific National Bank (San Francisco, Calif.); Park National Bank (Chicago, Ill.); Community Bank of Lemont (Lemont, Ill.); North Houston Bank (Houston, Texas); and Citizens National Bank (Teague, Texas).

Notice to All Interested Parties of Intent to Terminate Receivership

FDIC release from Oct. 30, 2009