11/7/08 - Prosperity Bank Acquires All the Deposits of Franklin Bank, S.S.B., Houston, Texas
David G. shared 2 months ago
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Franklin Bank, S.S.B., Houston, Texas, was closed today by the Texas Department of Savings and Mortgage Lending, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Prosperity Bank, El Campo, Texas, to assume all of the deposits, including those that exceeded the insurance limit, of Franklin Bank.
Henry E.
Looks like the stronger banks will come out of this mess in pretty good shape. I hear of VERY few community banks that are in trouble.
Brad G.
That’s what they keep saying, credit unions too, but I’m wondering if it’s like what I did a Potbelly’s today and ask the lady is this sandwich good and she replied, “Oh yeah, it’s great!”
I mean what else is she going to say?
David M.
Wish me luck! We’ve done 20 something aquisitions in the last 5 or 6 years, but this one will pose some unique challanges. More on that later.
Henry E.
Give us a play by play, it will be helpful to those in acquisition mode. I would be REAL interested to see if you are going to try to incorporate redundancy and virtual servers into your migration plan.
David M.
Redundancy and virtualization are absouletly part of the plan. Being so heavily into citrix, it has to be. When we do these aquisitions, it is pretty much a tear down and rebuild of all their systems.