Texas-size troubles for the state's No. 12 bank (Edinburg)
Of the 536 banks based in Texas, none has bigger problems than Edinburg's First National Bank.
One dollar of every $5 loaned by First National has gone bad, compared with an industry average of $1 out of $31, according to Weiss Ratings, a Florida firm that measures the financial strength of banks.
The bank — the 12th-largest based in Texas, with $3.4 billion in assets and 57 branches throughout the Lone Star State, including four in San Antonio — held a combined $730 million in bad loans and repossessed real estate as of Sept. 30, a financial report filed with the Federal Deposit Insurance Corp. shows.
Among the more spectacular failures in its portfolio of repossessed property is the Tundra Town Village project, a San Antonio residential project whose developer is in federal prison for lying to the bank to secure construction funding.