Community National Bank of Sarasota County, Venice, FL

The 71st FDIC bank failure of 2009 became the sixth in the sunshine state tonight as regulators shuttered Community National Bank of Sarasota County, Venice, FL.

Community National Bank of Sarasota County, Venice, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, Minnesota, to assume all of the deposits of Community National Bank of Sarasota County.

The four branches of Community National Bank of Sarasota County will reopen on Saturday as branches of Stearns Bank, N.A. Depositors of Community National Bank of Sarasota County will automatically become depositors of Stearns Bank, N.A. Depositors 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 Stearns Bank, N.A. can fully integrate the deposit records of Community National Bank of Sarasota County. Depositors of Community National Bank of Sarasota County 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.

For more information, visit the official FDIC webpage for First State Bank.

<>