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.