The only Dallas bank open on Washington`s Birthday was closed.
On what would normally have been a bank holiday, 25 Federal Deposit Insurance Corp. employees and four former bank workers on Monday began paying off insured depositors of Executive Centre Bank, which was ordered into receivership Friday.
”It`s not a bank anymore. It`s an FDIC office,” said John Vella, the FDIC closing supervisor.
The bank had $8.6 million in assets, including deposits of $8.2 million, when the U.S. comptroller of the currency appointed the FDIC as receiver.
Vella estimated about 30 customers came to the bank to get checks for their deposits by late Monday morning.
Vella said all but 23 of the bank`s 581 deposit accounts will be refunded in full. The 23 accounts exceeded the $100,000 limit by a total of $253,635.
Vella said the bank was solvent when the FDIC moved to close it after the two-year-old institution`s sole remaining director, Jimmy L. Talley, resigned. ”The director handed it over to the comptroller,” he said.
The bank had ties to Energy Bank, which closed in May, and Park West Bank in Farmers Branch, a Dallas suburb, which closed in August.
At one time, the three banks had the same chairman, David Wise, a Dallas investor. Wise resigned prior to the bank failures.
