The Federal Deposit Insurance Corporation (FDIC) took over 3 banks on Friday, November 6, 2009. These closings bring the total for the year to 123. The banks closed are located in California and Florida. The banks include Pacific Coast National Bank, San Clemente, California, Orion Bank, Naples, Florida, and Century Bank, FSB, Sarasota, Florida.
Details for each bank are included below for affected customers:
Pacific Coast National Bank, San Clemente, California
Pacific Coast National Bank, San Clemente, California, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Tustin, California, to assume all of the deposits of Pacific Coast National Bank.
The two branches of Pacific Coast National Bank will reopen on Monday as branches of Sunwest Bank. Depositors of Pacific Coast National Bank will automatically become depositors of Sunwest 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. Customers should continue to use their existing branches until Sunwest Bank can fully integrate the deposit records of Pacific Coast National Bank.
Orion Bank, Naples, Florida
Orion Bank, Naples, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Orion Bank.
The 23 branches of Orion Bank will reopen during normal business hours as branches of IBERIABANK. Depositors of Orion Bank will automatically become depositors of IBERIABANK. 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. Customers should continue to use their existing branches until IBERIABANK can fully integrate the deposit records of Orion Bank.
Century Bank, FSB, Sarasota, Florida
Century Bank, Federal Savings Bank, Sarasota, Florida, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Century Bank, FSB.
The eleven branches of Century Bank, FSB will reopen during normal business hours as branches of IBERIABANK. Depositors of Century Bank, FSB will automatically become depositors of IBERIABANK. 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. Customers should continue to use their existing branches until IBERIABANK can fully integrate the deposit records of Century Bank, FSB.
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