First Commerce Credit Union's pending purchase of a small bank fell through.

The $429 million, Tallahassee Fla.-based credit union announced in August of this year it had an agreement to purchase the then $89 million First National Bank of Crestview, located in Crestview, Fla. However, First Commerce withdrew its purchase application, according to the Comptroller of the Currency.

Neither the agency nor the two financial institutions have yet commented regarding what caused the withdrawal.

According to FDIC data, as of Sept. 30, First National Bank of Crestview held $11.66 million in non-current loans and owned real estate, compared to $2.32 million in equity and loan loss allowances.

Any bank with a Texas Ratio near or greater than 100% is considered at risk of failure. First National Bank of Crestview's Sept. 30 Texas Ratio was 502.46%.

First developed by analysts at the firm RBC Capital Markets, the Texas Ratio is calculated by dividing the value of the lender's non-performing assets (non-performing loans and foreclosed real estate) by the sum of its tangible common equity capital and loan loss reserves.

Further, First National Bank of Crestview reported $79.72 million in assets but only $2.32 million in equity, resulting in a capitalization level of 2.91%.

Had the deal gone through, it could have added 10,000 more members to First Commerce, though  at the time of the announced agreement, the credit union had not made clear how it would take in those First National depositors members.