Bayside Savings Bank, Port Saint Joe, Florida

Bayside Savings Bank, Port Saint Joe, Florida, was one of two banks shut down by the FDIC to bring the total closed nation wide this year to 106. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $16.2 million for Bayside Savings Bank and $94.5 million

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.

If you should have any further questions, please do not hesitate to visit the FDIC’s website for Bayside Savings Bank.