Federal regulators today rescued the last of the big problem banks in the state, pledging $250 million to National Bancshares Corp. of Texas less than 24 hours after bailing out Texas American Bancshares Inc. with $900 million.
The Federal Deposit Insurance Corp. said Equimark Corp. of Pittsburgh will take over the San Antonio-based holding company, which owns 12 banks with assets of $2.3 billion and deposits of $2.2 billion.
James H. McLaughlin, president of Equibank, which has $3.7 billion in assets, will become National Bancshares' chief executive.
Will Own 44%
Equimark is contributing $31 million to the National Bancshares transaction and, with its wholly owned subsidiary, EquiManagement Inc., will own about 44% of National Bancshares' stock. Another $86 million is being raised from other investors through private placements of preferred and common stock.
National Bancshares' existing stockholders will retain a 2% stake in the rescued bank.
Late Thursday, the FDIC committed $900 million to Deposit Guaranty Bank of Dallas, which is taking over 24 subsidiary banks owned by Texas American, headquartered in Ft. Worth (Story, Part IV, Page 2).