Fraud is suspected in the failure of Santa Anna National Bank of Santa Anna, Texas..The Office of the Comptroller of the Currency closed the bank on June 27, with the FDIC appointed as receiver. The FDIC reached a purchase-and-assumption agreement with Coleman County State Bank of Coleman, Texas, to assume the deposits and some of the assets of the failed bank. “The OCC acted after finding the bank had experienced substantial dissipation of assets and earnings due to unsafe or unsound practices,” according to the agency. “The OCC also found the bank was in an unsafe or unsound condition to transact business and that the bank’s assets were less than its obligations to its creditors and others.” As of June 18, Santa Anna National Bank had $63.8 million in assets and $53.8 million in deposits. Nearly $3 million of the deposits exceeded FDIC insurance limits, according to the regulator. The FDIC preliminarily estimates the failure will cost the Deposit Insurance Fund $23.7 million. The bank reopened June 30 as a branch of Coleman County State Bank. As part of the agreement, Coleman County State Bank agreed to assume the insured deposits for a 5.16 percent premium. The FDIC is expected to keep a large part of the bank’s assets for later disposition. The bank was the second to fail this year, following Pulaski Savings Bank of Chicago in mid-January. The last bank failure in Texas was The Enloe State Bank of Cooper in the spring of 2019.