http://www.fdic.gov/news/news/press/2012/pr12127.
html Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Heritage Bank of Florida, Lutz, Florida FOR IMMEDIATE RELEASE November 2, 2012 Greg Hernandez Media Contact: (202) 8986984
Cell: (202) 340-4922 Email: ghernandez@fdic.gov
Heritage Bank of Florida, Lutz, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as 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 Heritage Bank of Florida. The three branches of Heritage Bank of Florida will reopen on Monday as branches of Centennial Bank. Depositors of Heritage Bank of Florida 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 in order to retain their deposit insurance coverage up to applicable limits. Customers of Heritage Bank of Florida should continue to use their existing branch until they receive notice from Centennial Bank that it has completed systems changes to allow other Centennial Bank branches to process their accounts as well. This evening and over the weekend, depositors of Heritage Bank of Florida 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 September 30, 2012, Heritage Bank of Florida had approximately $225.5 million in total assets and $223.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase approximately $193.7 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-8304731 . 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., Eastern Standard Time (EST); on Monday from 8 a.m. to 8 p.m., EST; and thereafter from 9:00 a.m. to 5:00 p.m., EST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/heritage_fl.html. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $65.5 million. Compared to other alternatives, Centennial Bank's acquisition was the least costly resolution for the FDIC's DIF. Heritage Bank of Florida is the 48th FDIC-insured institution to fail in the nation this year, and the eighth in Florida. The last FDIC-insured institution closed in the state was First East Side Savings Bank, Tamarac, on October 19, 2012. ###
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 7,246 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, by subscription electronically (go to 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-127-2012
Heritage Bank of Florida Closed By Regulators Monday, November 5, 2012 2:52
http://beforeitsnews.com/opinion-conservative/2012/11/heritage-bank-of-florida-closed-by-regulators2518790.html
Heritage Bank of Florida, Lutz, Florida, was closed today by the Florida Office of Financial Regulation and the FDIC was appointed as receiver. The failed bank was taken over by Centennial Bank, Conway, Arkansas, under a purchase and assumption agreement with the FDIC. Heritage Bank of Florida, which was established on August 3, 1999, had three branches and almost a quarter of a billion dollars in deposits. To protect depositors, Centennial Bank will assume all of the deposits of failed Heritage Bank of Florida.. All three branches of Heritage Bank will reopen on Monday as branches of Centennial Bank. Over the weekend, depositors of Heritage Bank of Florida will have full access to their money through the use of checks, ATMs and debit cards. Heritage Bank of Florida was a Florida chartered, commercial bank. As an independent community bank, Heritage Bank primarily served the Florida counties of central Pasco and north and central Hillsborough Counties. At September 30, 2012, Heritage Bank of Florida had total deposits of $222.3 million and total assets of $225.5 million. Centennial Bank agreed to purchase $193.7 million of Heritage Bank of Floridas assets, leaving the FDIC stuck with the remaining balance of $31.8 million. As of June 30, 2012, the FDIC had a total of $21.8 billion in failed bank assets that have still not been disposed of. Including Heritage Bank, Centennial Bank has now acquired a total of 7 failed banks since March of 2010. Home BancShares, Inc. of Conway, Arkansas, operates as the holding company for Centennial Bank. Founded in 1998, Home BancShares has grown rapidly through acquisitions and now has over $3.6 billion in assets. Home
BancShares has been profitable over the past three years and the companys share value has more than doubled from the lows of early 2009.
Courtesy: yahoo finance The estimated cost to the FDIC Deposit Insurance Fund (DIF) for the failure of Heritage Bank is $65.5 million. The total cost to the FDIC DIF for the 48 banking failures during 2012 now totals over $2.3 billion. Heritage Bank of Florida becomes the nations 48th banking failure and the 8th in Florida. Since the beginning of the financial crisis in 2008, a total of 462 banking institutions insured by the FDIC have failed.
2012 list of failed banks
Failed banks Citizens First National Bank, Princeton, IL Heritage Bank of Florida, Lutz, FL NOVA Bank, Berwyn, PA GulfSouth Private Bank, Destin, FL First East Side Savings Bank, Tamarac, FL Excel Bank, Sedalia, MO First United Bank, Crete, IL Truman Bank, St. Louis, MO First Commercial Bank, Bloomington, MN Waukegan Savings Bank, Waukegan, IL Jasper Banking Company, Jasper, GA Royal Palm Bank, Naples, FL Georgia Trust Bank, Buford, GA First Cherokee State Bank, Woodstock, GA Heartland Bank, Leawood, KS Second Federal Savings and Loan Association of Chicago, Chicago, IL Farmers Bank of Lynchburg, Lynchburg, TN Security Exchange Bank, Marietta, GA Putnam State Bank, Palatka, FL Waccamaw Bank, Whiteville, NC Farmers and Traders State Bank, Shabbona, IL Date closed 11/2/2012 11/2/2012 10/26/2012 10/19/2012 10/19/2012 10/19/2012 9/28/2012 9/14/2012 9/7/2012 8/3/2012 7/27/2012 7/20/2012 7/20/2012 7/20/2012 7/20/2012 7/20/2012 6/15/2012 6/15/2012 6/15/2012 6/8/2012 6/8/2012 Estimated cost to DIF ($millions) 45.2 65.5 91.2 36.1 9.1 40.9 48.6 34.0 63.9 19.8 58.1 13.5 20.9 36.9 3.1 76.9 28.3 34.3 37.4 51.1 8.9
2012 list of failed banks
Failed banks Carolina Federal Savings Bank, Charleston, SC First Capital Bank, Kingfisher, OK Alabama Trust Bank, National Association, Sylacuaga, AL Security Bank, National Association, North Lauderdale, FL Palm Desert National Bank, Palm Desert, CA Plantation Federal Bank, Pawleys Island, SC Inter Savings Bank, Maple Grove, MN HarVest Bank of Maryland, Gaithersburg, MD Bank of the Eastern Shore, Cambridge, MD Fort Lee Federal Saving Bank, FSB, Fort Lee, NJ Fidelity Bank, Dearborn, MI International Bank of Chicago, Chicago, IL Covenant Bank & Trust, Rock Spring, GA New City Bank, Chicago, IL Global Commerce Bank, Doraville, GA Home Savings of America, Little Falls, MN Central Bank of Georgia, Ellaville, GA Charter National Bank and Trust, IL SCB Bank, Shelbyville, IN BankEast, Knoxville, TN Date closed 6/8/2012 6/8/2012 5/18/2012 5/4/2012 4/27/2012 4/27/2012 4/27/2012 4/27/2012 4/27/2012 4/20/2012 3/30/2012 3/23/2012 3/23/2012 3/9/2012 3/2/2012 2/24/2012 2/24/2012 2/10/2012 2/10/2012 1/27/2012 Estimated cost to DIF ($millions) 15.2 5.6 8.9 10.8 20.1 76.0 117.5 17.2 41.8 14.0 92.8 64.1 31.5 17.4 17.9 38.8 67.5 17.4 33.9 75.6
2012 list of failed banks
Failed banks Patriot Bank Minnesota, Forest Lake, MN First Guaranty Bank and Trust Company of Jacksonville, Jacksonville, FL Tennessee Commerce Bank, Franklin, TN American Eagle Savings Bank, Boothwyn, PA The First State Bank, Stockbridge, GA Central Florida State Bank, Belleview, FL Montgomery Bank & Trust, Ailey, GA Glasgow Savings Bank, Glasgow, Mo. Date closed 1/27/2012 1/27/2012 1/27/2012 1/20/2012 1/20/2012 1/20/2012 7/6/2012 7/13/2012 Estimated cost to DIF ($millions) 32.6 82.0 416.8 3.2 216.2 24.4 75.2 0.1
