Banks Open as Transition to Prosperity Begins

First National Bank locations opened as usual Saturday, but under the Prosperity Bank banner.

Normal operations continue at the sites once owned by Franklin Bank, then taken over Friday by the Federal Deposit Insurance Corporation. Deposit accounts were transferred to the El Campo-based Prosperity.

The FDIC notes that no notice is given when a financial institution is shut down.

"Your transferred deposits will be separately insured from any accounts you may already have at Prosperity Bank for six months after the failure of Franklin Bank, SSB," according to the FDIC's website. "Checks that were drawn on Franklin Bank, SSB that did not clear before the institution closed will be honored as long as there are sufficient funds in the account."

A link to more information from the FDIC is available below this story.

It was 2007 that First National Bank was acquired by Franklin Bank. First National was recognized in 1996 with a historic marker by the Brazos County Historical Commission. A private lending agency started in 1862 was reorganized more than a decade later according to the commission, which notes it later became known as First National Bank of Bryan in 1883.

More on the history of First National is also below this story.

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