State Bank of Texas Acquires National Republic Bank of Chicago

I’m very pleased to report that this past week, the State Bank of Texas acquired the National Bank of Chicago.

This acquisition now positions the State Bank of Texas as the largest Indian-American-owned bank in the United States!

Additional details:

The National Republic Bank of Chicago (“NRB”) was closed down on October 24, 2014 by the Office of the Comptroller of Currency, appointing the Federal Deposition Insurance Corporation as the Receiver.
The FDIC arranged a Purchase and Assumption Agreement with the State Bank of Texas (“SBT”).
As of June 30, 2014, the National Republic Bank had approximately $993 million in total assets and $915 million in total deposits.
In addition to assuming all of the non-brokered deposits of the failed bank, SBT agreed to purchase close to $626 million of the total assets.
The two branches of the former NRB will remain open as branches of State Bank of Texas in Chicago and continued with their normal business hours beginning on October 25, 2014.
Depositors of NRB automatically became depositors of SBT. Deposits continue to be insured by the FDIC, so there’s no need for the bank customers to change their financial institution relationship to retain their deposit insurance coverage up to applicable limits. Customers of NRB may continue using their existing bank branch offices.
SBT will continue to expand its operations into this major market area and will continue its specialized lending strategy in the hotel and accommodations sector.

Chan Patel