A militia group, claiming that Texas is an independent nation, is demanding that all the state's financial institutions switch within 30 days to a charter it has created.

Hundreds of banks, thrifts, and credit unions in the state received faxes Tuesday from a group calling itself the Republic of Texas. "We will assume if you do not respond within 30 days from this notice that you will be preparing to terminate your operations, and your banking file with the Treasury will be posted to be closed," wrote Darrell Dean Franks, the group's treasurer.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.