Tex. Finance Code § 96.252
CLOSING OF SAVINGS BANK BY COMMISSIONER'S ORDER
Texas · Texas Finance Code · Status: effective
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- Citation
- Tex. Finance Code § 96.252, CLOSING OF SAVINGS BANK BY COMMISSIONER'S ORDER, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/645778
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Full text
The commissioner or the commissioner's representative may close a savings bank if the commissioner determines after an examination that:
(1) the interests of the deposit account holders and creditors of the savings bank are jeopardized because of:
(A) the savings bank's insolvency or imminent insolvency; or
(B) a substantial dissipation of the savings bank's assets or earnings because of a violation of a law or an unsafe or unsound practice; and
(2) it is in the best interests of the deposit account holders and creditors to close the savings bank and liquidate the savings bank's assets.