The Office of the Comptroller of the Currency on Friday closed Texas Community Bank, a $160 million-asset institution located north of Houston.

The Federal Deposit Insurance Corp. was appointed the receiver for the failed institution, located in the community of The Woodlands. The FDIC entered into an agreement with Spirit of Texas Bank in College Station to assume the failed bank's $142.6 million in deposits.

Spirit of Texas also agreed to buy $147.9 million of Texas Community's assets. The FDIC said it would retain the failed bank's remaining assets for later disposition.

The failure is expected to cost the Deposit Insurance Fund $10.8 million. With Texas Community's failure, 24 banks have failed so far this year. It was also the second bank failure in Texas in 2013.

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