Report shows First National Bank of Edinburg with troubled assets
EDINBURG, TEXAS (NEWS CENTER 23) — Recent reports are showing that First National Bank of Edinburg is showing that one of every five dollars loaned has gone bad compared with an industry average of one dollar out of thirty one dollars. First National Bank of Edinburg, the 12th largest based in Texas, has $3.4 billion in assets and 57 branches throughout the state. The bank held a combined $730 million dollars in bad loans and repossessed real estate as of September 30th. Among other failures with the bank, repossessed property of 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.