Two more Banks in Florida quietly closed their doors last Friday, November 13th 2009. They are: Century Bank-Federal Savings Bank in Sarasota and Orion Bank in Naples. This brings the total number of bank failures in Florida to 11 out of a total of 122 in the nation up until last Friday.
Century Bank, Federal Savings Bank, Sarasota, Florida, was closed last Friday by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The Bank’s deposits are being assumed by IBERIABANK, Lafayette, Louisiana, the FDIC said in a press release.
As of October 31, 2009, Century Bank, FSB, with eleven branches, had total assets of $728 million and total deposits of approximately $631 million. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $706 million of the failed bank’s assets.
Meanwhile, IBERIABANK also assumed the deposits of Orion Bank, the other failed bank, the FDIC said in a separate press release.
As of October, 31, 2009, Orion Bank with its 23 branches had a total asset base of $2.7 billion and total deposits of approximately $2.1 billion. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $2.4 billion of the failed bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615 million. IBERIABANK’s acquisition of all the deposits was the “least costly” resolution for the DIF compared to alternatives.
On Monday, November 16th 2009, regulators closed another bank–Pacific Coast National Bank of San Clemente California. The bank has assets of $134.4 million and $130.9 million in deposits. Tustin, California-based Sunwest Bank will assume all of Pacific Coast National Bank’s deposits and essentially all of its assets.
The total number of FDIC-insured institutions shuttered for the year, as of November 16th 2009, is 123.
Source: fdic.gov
