HOUSTON - In a rare public denunciation of regulators, First City Bancorporation of Texas bitterly disputed the seizure of its banks this month.

Houston-based First City said a pending $400 million recapitalization plan would have placed it on "sound financial footing" by Dec. 15. It also claimed to have nonbinding commitments for $90 million in new capital, believed it could raise an additional $30 million, and said it also had reached agreements to sell 13 banks for $230 million.

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