Olde Cypress Community Bank, Clewiston, Florida

Olde Cypress Community Bank, Clewiston, Florida, is number 95 on the FDIC’s beat down list nationwide this year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.5 million.

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 for Olde Cypress Community Bank.

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First National Bank of the South, Spartanburg, SC

First National Bank of the South, Spartanburg, SC, is one of three FDIC bank closings tonight to bring the total number closed nationwide to 94. The agency estimates that the cost to the Deposit Insurance Fund (DIF) for Metro Bank of Dade County will be $67.6 million.

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.

If you should have any further questions, please do not hesitate to visit the FDIC’s website for First National Bank of the South.

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Turnberry Bank, Aventura, FL

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Metro Bank of Dade County, Miami, Florida

Metro Bank of Dade County, Miami, Florida, is one of three FDIC bank closings tonight to bring the total number closed nationwide to 94. The agency estimates that the cost to the Deposit Insurance Fund (DIF) for Metro Bank of Dade County will be $67.6 million.

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.

If you should have any further questions, please do not hesitate to visit the FDIC’s website for Metro Bank of Dade County.

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Woodlands Bank, Bluffton, South Carolina

Woodlands Bank, Bluffton, South Carolina, is the FDIC’s dead beat bank number 91 of the the year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $115.0 million.

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.

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

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Home National Bank, Blackwell, Oklahoma

Home National Bank, Blackwell, Oklahoma, became number the 90th FDIC-insured institution to fail in the nation this year. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.7 million.

Home National Bank, Blackwell, Oklahoma, 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 RCB Bank, Claremore, Oklahoma, to assume all of the deposits of Home National Bank.

The 15 branches of Home National Bank will reopen on Saturday as branches of RCB Bank. Depositors of Home National Bank will automatically become depositors of RCB 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 Home National Bank should continue to use their existing branch until they receive notice from RCB Bank that it has completed systems changes to allow other RCB Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Home National 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, Home National Bank had approximately $644.5 million in total assets and $560.7 million in total deposits. RCB Bank paid the FDIC a premium of 0.22 percent for the deposits of Home National Bank. In addition to assuming the deposits, RCB Bank agreed to purchase approximately $340.7 million of the failed bank’s assets.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-405-8357. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/homenatlok.html.

In a separate transaction with the FDIC, Enterprise Bank & Trust, Clayton, Missouri agreed to purchase approximately $260.8 million of Home National Bank’s assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Enterprise Bank & Trust entered into a loss-share transaction on $260.8 million of Home National Bank’s assets purchased from the FDIC. Enterprise Bank & Trust 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 can visit the FDIC’s Web site for Home National Bank.

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USA Bank, Port Chester, New York

USA Bank, Port Chester, New York, became the 89th FDIC-insured institution to fail in the nation this year, and the third in New York. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $61.7 million.

USA Bank, Port Chester, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with New Century Bank (doing business as Customer’s 1st Bank), Phoenixville, Pennsylvania, to assume all of the deposits of USA Bank.

The sole branch of USA Bank will reopen on Saturday as a branch of New Century Bank. Depositors of USA Bank will automatically become depositors of New Century 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 USA Bank should continue to use their existing branch until they receive notice from New Century Bank that it has completed systems changes to allow other New Century Bank branches to process their accounts as well.

This evening and over the weekend, depositors of USA 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, USA Bank had approximately $193.3 million in total assets and $189.9 million in total deposits. New Century Bank did not pay the FDIC a premium for the deposits of USA Bank. In addition to assuming all of the deposits of the failed bank, New Century Bank agreed to purchase essentially all of the assets.

The FDIC and New Century Bank entered into a loss-share transaction on $159.1 million of USA Bank’s assets. New Century 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 transaction can call the FDIC toll-free at 1-800-405-8215. 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/usabankny.html.

Customers who have questions can visit the FDIC’s Web site for USA Bank.

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Ideal Federal Savings Bank, Baltimore, Maryland

Ideal Federal Savings Bank, Baltimore, Maryland, is the 88th FDIC-insured institution to fail in the nation this year. The agency estimates that the cost to it’s Deposit Insurance Fund is $2.1 million.

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Ideal Federal Savings Bank. The bank was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver.

The FDIC was unable to find another financial institution to take over the banking operations of Ideal Federal Savings Bank. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed money with brokers should contact them directly for more information about the status of their funds.

As a convenience to local depositors, the FDIC has made arrangements for the insured funds in demand accounts, savings accounts, NOW accounts, insured CD’s, and any other transactional accounts to be transferred to the Manufacturers and Traders Trust Company (“M&T”) located at 715 N. Howard Street, Baltimore, Maryland. M&T Bank will also accept the failed bank’s direct deposits from the federal government, such as Social Security and Veterans’ payments through Saturday, September 4. Customers who have questions related to their direct deposits should call the FDIC at the toll-free number below.

Customers will have access to their accounts at this branch only between Monday, July 12 and Saturday, July 24. M&T Bank’s hours of operations are Monday through Friday from 9:00 a.m. to 6:00 p.m., and Saturday from 10:00 a.m. to 2:00 p.m. Customers who are interested in opening an account with M&T Bank must present official government issued identification, a social security card, and account number at the time the account is opened. It is important to note, however, that customers of Ideal Federal Savings Bank will no longer be able to write checks and must come in person to either claim their money or set up a new account. After July 24, the FDIC will mail any remaining funds to the address on record for the owners of these accounts.

As of March 31, 2010, Ideal Federal Savings Bank had approximately $6.3 million in total assets and $5.8 million in total deposits.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-350-2746. 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/idealfedsvngsmd.html.

Beginning on Monday, customers of Ideal Federal Savings Bank with deposits exceeding $250,000 at the bank may visit the FDIC’s Web page “Is My Account Fully Insured?” at https://www2.fdic.gov/drrip/afi/index.asp.

The FDIC will retain all the assets for later disposition except for cash, correspondent accounts, and loans fully secured by deposits.

Interested parties also can visit the FDIC’s Web site for Ideal Federal Savings Bank.

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Bay National Bank, Baltimore, Maryland

Bay National Bank, Baltimore, Maryland, became the 88th FDIC dead beat to be beat down this year. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million.

Bay National Bank, Baltimore, Maryland, 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 Bay Bank, FSB, Lutherville, Maryland, to assume all of the deposits of Bay National Bank.

The two branches of Bay National Bank will reopen on Monday as branches of Bay Bank, FSB. Depositors of Bay National Bank will automatically become depositors of Bay Bank, FSB. 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 Bay National Bank should continue to use their existing branch until they receive notice from Bay Bank, FSB that it has completed systems changes to allow other Bay Bank, FSB branches to process their accounts as well.

This evening and over the weekend, depositors of Bay National 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, Bay National Bank had approximately $282.2 million in total assets and $276.1 million in total deposits. Bay Bank, FSB did not pay the FDIC a premium for the deposits of Bay National Bank. In addition to assuming all of the deposits of the failed bank, Bay Bank, FSB agreed to purchase essentially all of the assets of the failed bank.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-323-6111. 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/baynatlmd.html.

Interested parties also can visit the FDIC’s Web site for Bay National Bank.

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First Delta Federal Credit Union

First Delta Federal Credit Union, which was placed into conservatorship by NUCA in October 2009, has been   Amerged with Shreveport Federal Credit Union.

First Delta Federal Credit Union of Marks, Mississippi merged with Shreveport Federal Credit Union of Shreveport, Louisiana on June 30, 2010. NCUA placed First Delta FCU into conservatorship in October 2009 and has been operating the institution with the goal of continuing credit union serve for the members.

First Delta Federal Credit Union members will now be members of and receive credit union service from Shreveport Federal Credit Union, a multi-branch Community Development Credit Union offering a full range of products and services.

The new Shreveport Federal Credit Union members will experience no interruption in service. The National Credit Union Share Insurance Fund (NCUSIF), a federal fund operated by NCUA, insures Shreveport FCU member accounts up to at least $250,000.

First Delta FCU was a $5.6 million dollar credit union chartered in 1981. At the time of merger, it served approximately 3,000 members who live and work in the Quitman, Panola, Tallahatchie, and Coahoma Counties in Mississippi.

Shreveport FCU is an $81.9 million federally chartered, federally insured institution headquartered in Shreveport, LA. It was chartered in 1956 and with this merger now serves more than 18,000 people throughout Quitman, Panola, Tallahatchie and Coahoma Counties in Mississippi and the employees of the City of Shreveport, Louisiana (except uniformed firemen and policemen) along with over 170 Select Employee Groups and Associations in Louisiana.

Be sure to visit the NCUA webpage for more information on First Delta Federal Credit Union.

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