Posted on 01/30/2009 4:24:25 PM PST by rabscuttle385
Ocala National Bank, Ocala, Florida, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, Winter Haven, Florida, to assume all of the deposits of the Ocala National Bank.
The four locations of Ocala National will reopen on Monday, February 2, 2009, as branches of CenterState. Depositors of the failed bank will automatically become depositors of CenterState Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
Over the weekend, customers of Ocala National can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2008, Ocala National Bank had total assets of $223.5 million and total deposits of $205.2 million. In addition to assuming all of the failed bank's deposits for a premium of 1.7 percent, CenterState agreed to purchase approximately $23.5 million in assets. The FDIC will retain the remaining assets for later disposition.
Ocala National also had approximately $17.2 million in brokered deposits that are not part of today's transaction. The FDIC will pay the brokers directly for the amount of their insured funds. Customers who have placed money with these brokers should contact them directly for more information.
Customers who have questions about today's transaction can call the FDIC toll free at 1-800-930-5170. This phone number will be operational this evening until 9:00 p.m. EST; on Saturday from 9:00 a.m. to 6:00 p.m. EST; and on Sunday from noon to 6:00 p.m. EST; and thereafter from 8:00 a.m. to 8:00 p.m. EST.
and the rest of the bank investors are hurting now. I heard that 6 months ago several members of the board abruptly resigned.These are some big names in Ocala.
This bank is not all that old, and has grown very rapidly. It appears to be basically a one family organization, don’t know who else invested in it. All of the deposits were covered, tough luck for the investors.
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