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Tex. Finance Code § 36.201

ACTION TO CLOSE STATE BANK

Texas · Texas Finance Code · Status: effective

Banking, Finance & Insurance
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Tex. Finance Code § 36.201, ACTION TO CLOSE STATE BANK, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/645202
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(a) The banking commissioner may close and liquidate a state bank on finding that: (1) the interests of the bank's depositors and creditors are jeopardized by the bank's insolvency or imminent insolvency; and (2) the best interests of depositors and creditors would be served by requiring that the bank be closed and its assets liquidated. (b) A majority of the bank's directors may voluntarily close the bank and place it with the banking commissioner for liquidation.