Section 96.252 - Closing of Savings Bank By Commissioner's Order The commissioner or the commissioner's representative may close a savings bank if the commissioner determines after an examination that:
(1) the interests of the deposit account holders and creditors of the savings bank are jeopardized because of: (A) the savings bank's insolvency or imminent insolvency; or(B) a substantial dissipation of the savings bank's assets or earnings because of a violation of a law or an unsafe or unsound practice; and(2) it is in the best interests of the deposit account holders and creditors to close the savings bank and liquidate the savings bank's assets. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.