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A bank's failure was the 16th for Texas this year.

March 20, 1987

The Red River National Bank of Clarksville was declared insolvent by federal regulators, making it the 16th bank failure in Texas this year. The State Bank of DeKalb will assume the deposits and liabilities of the failed bank, which has assets of $22.6 million, a spokesman for the Federal Deposit Insurance Corp. said. The FDIC was named receiver after Robert J. Herrmann, senior deputy controller of currency, closed the Red River bank. The FDIC said the State Bank of DeKalb will assume about $22.5 million in 4,700 accounts and has agreed to pay the FDIC $251,000 for the bank.

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