Legend Bank, N.A., Bowie, Texas, Acquires the Insured Deposits of The Enloe State Bank, Cooper, Texas — 2019-05-31

The Enloe State Bank, Cooper, Texas, was closed today by the Texas Department of Banking, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Legend Bank, N.A., Bowie, Texas, to assume the insured deposits of The Enloe State Bank. The only office of The Enloe State Bank will reopen as a branch of Legend Bank, N.A. during their normal business hours starting Monday. Depositors of the failed bank will automatically become depositors of Legend Bank, N.A. Deposits assumed by Legend Bank, N.A. will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Over the weekend, customers of The Enloe State Bank can access their insured deposits by writing checks or using ATM or debit cards.