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A major Texas bank said it expects a big loss.

September 10, 1986

Allied Bancshares, until recently one of the most profitable banks in Texas, said it expects a $40-million loss in the third quarter because of the state's worsening economy, caused by the oil price slump. Allied, the sixth-largest of the state's banking holding companies, has decided to set aside $100 million as a reserve against bad loans, an action similar to what many other Texas banks have taken. Allied blamed the loss on "pervasive deterioration in the Texas economy." In the third quarter last year, the bank recorded profits of $30.3 million.

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