The FDIC seized Petrobank N.A. of Houston.
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The Federal Deposit Insurance Corp. said it had no bidders for the bank, which had liabilities of $38.6 million in 2,000 deposit accounts. Petrobank suffered from “inadequate management” with high overhead and large loan losses, the FDIC said. As a result, it was never profitable. Only $2.6 million in 102 accounts was not insured by the FDIC. The bank was the 55th to fail this year and the eighth in Texas.
