Sanderson State Bank
Who: Sanderson State Bank
What: 25th bank failure of 2008 (Dec. 12, 2008)
Where: Sanderson, Texas
Why: Deposits exceeded insurance limit.
Fast Facts: 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. Sanderson State Bank is the second bank to close in Texas this year. The last bank to be closed in the state was Franklin Bank, SSB, Houston, Texas, on November 7, 2008.