Citizens State Bank of Lometa v. Federal Deposit Insurance Corporation as Receiver of North Central National Bank

CHARLES SCHWARTZ, Jr., District Judge:

This appeal arises out of the insolvency and receivership of the North Central National Bank, Austin, Texas (“North Central”). The Federal Deposit Insurance Corporation (“FDIC”) as receiver published notice of North Central’s failure immediately upon its closure on April 23, 1987. This raises questions regarding the rights of standby letter of credit beneficiary Citizens State Bank of Lometa (“Citizens”) in the bank insolvency proceedings. The parties filed cross motions for summary judgment. The FDIC appeals from the summary judgment entered against it…