Bayside Savings Bank, Port Saint Joe, Florida and Coastal Community Bank, Panama City Beach, Florida, were closed today by federal and state banking agencies, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for both institutions. To protect depositors, the FDIC entered into purchase and assumption agreements with Centennial Bank, Conway, Arkansas, to assume all the deposits and essentially all the assets of the two failed institutions.

Bayside Savings Bank was closed by the Office of Thrift Supervision, and Coastal Community Bank was closed by the Florida Office of Financial Regulation.  

Collectively, the two failed institutions operated 13 branches, which will reopen as branches of Centennial Bank during normal business hours, including those offices with Saturday hours. Bayside Savings Bank has two branches, and Coastal Community Bank has eleven branches.

Depositors of Bayside Savings Bank and Coastal Community Bank will automatically become depositors of Centennial 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 of the two failed institutions should continue to use their former branches. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards.

As of March 31, 2010, Bayside Savings Bank had total assets of $66.1 million and total deposits of $52.4 million. Coastal Community Bank had total assets of $372.9 million and total deposits of $363.2 million. Centennial Bank did not pay the FDIC a premium for the deposits of the failed banks. In addition to assuming all the deposits from the two Florida institutions, Centennial Bank will purchase virtually all their assets.

The FDIC and Centennial Bank entered into loss-share transactions on $48.3 million of Bayside Savings Bank's assets and $302.8 million of Coastal Community Bank's assets. Centennial Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transactions can call the FDIC toll free: for Bayside Savings Bank customers, 1-800-405-6318; and for Coastal Community Bank customers, 1-800-523-0640. The phone number for Bayside Savings will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 8:00 a.m. to 6:00 p.m., EDT; on Sunday from noon until 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT; and during the same hours, Central Daylight Time, for Coastal Community Bank customers.

Interested parties can also visit the FDIC's Web sites: for Bayside Savings Bank, http://www.fdic.gov/bank/individual/failed/bayside.html; and for Coastal Community Bank, http://www.fdic.gov/bank/individual/failed/coastal.html.>

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $16.2 million for Bayside Savings Bank and $94.5 million for Coastal Community Bank. Compared to other alternatives, Centennial Bank's acquisition was the least costly resolution for the FDIC's DIF.

These two closings bring total closures for the year to 106 banks in the nation, and the 19th and 20th in Florida. Prior to these failures, the last bank closed in Florida was Sterling Bank, Lantana, on July 23, 2010.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,932 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-174-2010

Mainstreet Savings Bank, FSB, Hastings, Michigan, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Commercial Bank, Alma, Michigan, to assume all of the deposits of Mainstreet Savings Bank, FSB.

The two branches of Mainstreet Savings Bank, FSB will reopen on Saturday as branches of Commercial Bank. Depositors of Mainstreet Savings Bank, FSB will automatically become depositors of Commercial Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Mainstreet Savings Bank, FSB should continue to use their existing branch until they receive notice from Commercial Bank that it has completed systems changes to allow other Commercial Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Mainstreet Savings Bank, FSB 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 March 31, 2010, Mainstreet Savings Bank, FSB had approximately $97.4 million in total assets and $63.7 million in total deposits. Commercial Bank will pay the FDIC a premium of 1.13 percent to assume all of the deposits of Mainstreet Savings Bank, FSB. In addition to assuming all of the deposits of the failed bank, Commercial Bank agreed to purchase essentially all of the assets.

The FDIC and Commercial Bank entered into a loss-share transaction on $77.1 million of Mainstreet Savings Bank, FSB's assets. Commercial Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximiz returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-451-1093. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/mainstsvgs.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.4 million. Compared to other alternatives, Commercial Bank's acquisition was the "least costly" resolution for the FDIC's DIF. Mainstreet Savings Bank, FSB is the 96th FDIC-insured institution to fail in the nation this year, and the fourth in Michigan. The last FDIC-insured institution closed in the state was New Liberty Bank, Plymouth, on May 14, 2010.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,932 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-159-2010

Olde Cypress Community Bank, Clewiston, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, National Association, Winter Haven, Florida, to assume all of the deposits of Olde Cypress Community Bank.

The four branches of Olde Cypress Community Bank will reopen on Saturday as branches of CenterState Bank of Florida, N.A. Depositors of Olde Cypress Community Bank will automatically become depositors of CenterState Bank of Florida, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Olde Cypress Community Bank should continue to use their existing branch until they receive notice from CenterState Bank of Florida, N.A. that it has completed systems changes to allow other CenterState Bank of Florida, N.A. branches to process their accounts as well.

This evening and over the weekend, depositors of Olde Cypress Community Bank 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 March 31, 2010, Olde Cypress Community Bank had approximately $168.7 million in total assets and $162.4 million in total deposits. CenterState Bank of Florida, N.A. did not pay the FDIC a premium for the deposits of Olde Cypress Community Bank. In addition to assuming all of the deposits of the failed bank, CenterState Bank of Florida, N.A. agreed to purchase essentially all of the assets.

The FDIC and CenterState Bank of Florida, N.A. entered into a loss-share transaction on $128.2 million of Olde Cypress Community Bank's assets. CenterState Bank of Florida, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-591-2817. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/oldecypress.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.5 million. Compared to other alternatives, CenterState Bank of Florida, N.A.'s acquisition was the "least costly" resolution for the FDIC's DIF. Olde Cypress Community Bank is the 95th FDIC-insured institution to fail in the nation this year, and the seventeenth in Florida. The last FDIC-insured institution closed in the state was Turnberry Bank, Aventura, earlier today.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,932 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-158-2010

Metro Bank of Dade County, Miami, Florida; Turnberry Bank, Aventura, Florida; and First National Bank of the South, Spartanburg, South Carolina, were closed today by federal and state banking agencies, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for all three institutions. To protect depositors, the FDIC entered into purchase and assumption agreements with NAFH National Bank, Miami, Florida, a newly-chartered bank subsidiary of North American Financial Holdings, Inc., Charlotte, North Carolina, to assume all the deposits and essentially all the assets of the three failed institutions.

Metro Bank of Dade County was closed by the Florida Office of Financial Regulation; Turnberry Bank was closed by the Office of Thrift Supervision; and First National Bank of the South was closed by the Office of the Comptroller of the Currency. The three failed institutions were not affiliated with one another.

Collectively, the three failed institutions operated 23 branches, which will reopen as branches of NAFH National Bank using their current names and under their normal business hours, including those offices with Saturday hours. Metro Bank of Dade County has six branches; Turnberry Bank has four branches; and First National Bank of the South has thirteen branches. Depositors will automatically become depositors of NAFH National 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 of the three failed institutions should continue to use their former branches. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards.

As of March 31, 2010, Metro Bank of Dade County had total assets of $442.3 million and total deposits of $391.3 million; Turnberry Bank had total assets of $263.9 million and total deposits of $196.9 million; and First National Bank of the South had total assets of $682.0 million and total deposits of $610.1 million. NAFH National Bank did not pay the FDIC a premium for the deposits of the failed banks. In addition to assuming all the deposits from the two Florida institutions and one South Carolina institution, NAFH National Bank will purchase virtually all their assets.

The FDIC and NAFH National Bank entered into loss-share transactions on $299.3 million of Metro Bank of Dade County's assets; $194.6 million of Turnberry Bank's assets; and $512.4 million of First National Bank of the South's assets. NAFH National Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transactions can call the FDIC toll free: for Metro Bank of Dade County customers, 1-800-430-8098; for Turnberry Bank customers, 1-800-450-5143; and for First National Bank of the South customers, 1-800-405-8028. The phone numbers will be operational this evening until 9:00 p.m. EDT; on Saturday from 8:00 a.m. to 6:00 p.m. EDT; on Sunday from noon until 6:00 p.m. EDT; and thereafter from 8:00 a.m. to 8:00 p.m. EDT.

Interested parties can also visit the FDIC's Web sites: for Metro Bank of Dade County, http://www.fdic.gov/bank/individual/failed/metrobankfl.html; for Turnberry Bank, http://www.fdic.gov/bank/individual/failed/turnberry.html; and for First National Bank of the South, http://www.fdic.gov/bank/individual/failed/firstnatlsc.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Metro Bank of Dade County will be $67.6 million; for Turnberry Bank, $34.4 million; and for First National Bank of the South, $74.9 million. Compared to other alternatives, NAFH National Bank's acquisition was the "least costly" resolution for the FDIC's DIF.

These closings bring the total for the year to 94 banks in the nation, and the fifteenth and sixteenth in Florida and the third in South Carolina. Prior to these failures, the last bank closed in Florida was Peninsula Bank, Englewood, on June 25, 2010, and the last bank closed in South Carolina was Woodlands Bank, Bluffton, earlier today.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,932 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-157-2010

Woodlands Bank, Bluffton, South Carolina, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Woodlands Bank.

The eight branches of Woodlands Bank will reopen on Monday as branches of Bank of the Ozarks. Depositors of Woodlands Bank will automatically become depositors of Bank of the Ozarks. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Woodlands Bank should continue to use their existing branch until they receive notice from Bank of the Ozarks that it has completed systems changes to allow other Bank of the Ozarks branches to process their accounts as well.

This evening and over the weekend, depositors of Woodlands Bank 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 March 31, 2010, Woodlands Bank had approximately $376.2 million in total assets and $355.3 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium for the deposits of Woodlands Bank. In addition to assuming all of the deposits of the failed bank, Bank of the Ozarks agreed to purchase essentially all of the assets.

The FDIC and Bank of the Ozarks entered into a loss-share transaction on $288.7 million of Woodlands Bank's assets. Bank of the Ozarks will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-423-6395. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/woodlands.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $115.0 million. Compared to other alternatives, Bank of the Ozarks's acquisition was the "least costly" resolution for the FDIC's DIF. Woodlands Bank is the 91st FDIC-insured institution to fail in the nation this year, and the second in South Carolina. The last FDIC-insured institution closed in the state was Beach First National Bank, Myrtle Beach, on April 9, 2010.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,932 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-156-2010