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Updated: 10:52 PM Nov 1, 2009
FDIC Closes Madisonville State Bank, But Will Reopen Monday
For more than 107 years, it has been a Madisonville landmark. Monday, Madisonville State Bank will open under new ownership after the FDIC shut it down Friday.
Posted: 8:43 PM Nov 1, 2009Reporter: Joe Brown Email Address: brown@kbtx.com |
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6 Comments 
For more than 107 years, it has been a Madisonville landmark. Monday, Madisonville State Bank will open under new ownership after the FDIC shut it down Friday.
In a statement, the FDIC said, "Madisonville State Bank was closed by the Texas Department of Banking. Subsequently, the Federal Deposit Insurance Corporation was named Receiver. All deposit accounts have been transferred to U.S. Bank, NA, Minneapolis, MN."
The bank was one of nine taken over by U-S bank. A FDIC spokesperson says the collapse of Fannie Mae and Freddie Mac was a big reason behind the closures. However, Madisonville State Bank customers won't notice any changes when the bank open Monday as all checks, credit cards and debit cards will still be accepted.
Latest Comments
To Glenn: You need to get the information from your small town newspaper and radio station. This is not of any kind of magnitude to the majority of the KBTX viewing area. What are you wondering about?
Why aren't we getting more information about this??? Doesn't an event of this magnitude in a small town warrant more coverage? Makes you wonder..............??
For anyone that thinks for a second that Madisonville State Bank was closed becuase of it's own failure, is really in the dark. This bank has always been a very strong bank in every way. They will continue to be strong. It is hard to be an independent bank in a small town especially in times like these so conglomerates are sometimes the only choice. It has been since the early 1990's since the First City failure and even then, our local bank was very strong if not one of the strongest in the group. They did reopen today and most likely will have no visible changes even with employess which are the biggest reason besides the loyal customers, that they are as strong as they are. Sensible bankers who need the continued support and business from their customers. Leaving is not the answer, being glad our bank is still strong and staying with them during this hump is the right choice.
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