FIs closed: Old Southern Bank, Orlando, Florida
On Friday, 12 March, 2010, Old Southern Bank, Orlando, FL was closed by the Florida Department of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Centennial Bank, Conway, Arkansas, to assume all of the deposits of Old Southern Bank.
The seven branches of Old Southern Bank will reopen on Monday as branches of Centennial Bank.
As of 31 December, 2009, Old Southern Bank had approximately USD315.6 million in total assets and USD319.7 million in total deposits.
Centennial Bank will pay the FDIC a premium of 1.00 percent to assume all of the deposits of Old Southern Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $94.6 million.
Old Southern Bank is the 29th FDIC-insured institution to fail in the USA this year, and the fourth in Florida.
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