HOUSTON - An investment group led by present management has offered to buy the troubled First City Bancorporation of Texas, The Houston Post reported Tuesday.

The management group wants to make an open-bank transaction, meaning that the government would not first declare First City insolvent, according to an unidentified source. A spokesman for the Houston company declined to comment.

While there have been reports of other bidders, only First Gibraltar Bank of Dallas has acknowledged that it is negotiating an open-bank purchase.

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