Plains Capital bank takes over First National
Tue, 17 Sep 2013 01:43:59 GMT —
Customers with accounts at First National Bank in Edinburg will continue using their debit cards and checks like normal.
The factor that changed is that as of Friday, those customer now belong to Plains Capital Bank.
Plains Capital agreed to take over deposit and loan accounts that belonged to First National Bank when it failed.
The agreement between Plains Capital and the Federal Deposit Insurance Corporation is supposed to minimize disruptions for customers.
First National Bank has 51 branches across South Texas that will reopen as Plains Capital Bank.
Plains Capital Bank is based out of Dallas and said employees of First National Bank will keep their jobs.
"We have few markets that overlap with FNB and so we hired all the employees day 1 and we are going to continue to operate normally," said Bryan Heflin from Plans Capital Bank.
A Plains Capital spokesperson said the transition has been smooth and they are excited to service the Rio Grande Valley.
If you have any questions about the transition you can contact your local branch.
First National Bank is the 22nd bank to fail in the U.S. this year.