Three Banks Fail on Friday the 13th

2009 Tally: 142 Failed Banks, Credit Unions Orion Bank a $2.7 billion, Naples, Fla.-based institution, was one of three banks closed by state and federal regulators on Friday, Nov. 13.

These closings raise to 142 the number of failed banks and credit unions so far in 2009.

Here is a rundown of the latest closings:

Orion Bank, Naples, FL.
Orion Bank, Naples, Florida, was closed by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. 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 were to reopen on Saturday as branches of IBERIABANK. Depositors of Orion Bank will automatically become depositors of IBERIABANK.

As of October 31, 2009, Orion Bank had total assets of $2.7 billion and total deposits of approximately $2.1 billion. The FDIC accepted a 1.5 percent discount from IBERIABANK on the deposits of the failed bank. 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 retained the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615 million.

Century Bank, FSB, Sarasota, FL.
Century Bank, Federal Savings Bank, Sarasota, Florida, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. 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.

As of October 31, 2009, Century Bank, FSB had total assets of $728 million and total deposits of approximately $631 million. The FDIC accepted a 1.5 percent discount on the deposits of the failed bank from IBERIABANK. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $706 million of the failed bank's assets. The FDIC retained the remaining assets for later disposition.

FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $344 million.

Pacific Coast National Bank, San Clemente, CA.
Pacific Coast National Bank, San Clemente, California, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. 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.

As of August 31, 2009, Pacific Coast National Bank had total assets of $134.4 million and total deposits of approximately $130.9 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27.4 million.





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