Franklin Bank
Who: Franklin Bank
What: 18th bank failure of 2008 (Nov. 7, 2008)
Where: Houston, Texas
Why: A failure to strengthen capital.
Fast Facts: Prosperity Bank of El Campo, Texas assumed all deposits from Franklin Bank...Prosperity also will assume $850 million in assets from Franklin; as of Sept. 30, 2008, Franklin Bank had $5.1 billion in total assets and $3.7 billion in total deposits; Lewis Ranieri, co-founder and chairman of parent company Franklin Bank Corp., has been credited with inventing mortgage-backed securities when he worked at Salomon Brothers.
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