Each depositor insured to at least $250,000 per insured bank

Question and Answer Guide

Gulf State Community Bank, Carrabelle, FL


The FDIC has put together some responses to frequent issues or questions bank customers may have following a bank failure. These should assist you in understanding what is happening at your bank.

On Friday, November 19, 2010, Gulf State Community Bank, Carrabelle, FL, was closed by the Florida Office of Financial Regulation. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Centennial Bank, Conway, AR acquired all the deposits and substantially all the assets of Gulf State Community Bank from the FDIC as Receiver.

YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this institution.

ACCESS TO YOUR MONEY: You may continue to use your outstanding checks and they will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual. The total balance in your account(s), including checking, savings, money market, non-brokered Certificates of Deposit, and retirement accounts, has been transferred to the new bank and will be available for transactions during regular business hours at the former bank branches.

DIRECT DEPOSITS: All direct deposits, for example, social security checks, payroll, veteran’s benefits, welfare and/or disability, unemployment or any payment you receive electronically will continue as usual.

AUTOPAYMENTS/BILLPAY: These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by the new bank.

INTEREST RATES: Interest on deposits accrued through close of business the day the bank was closed will be paid at your same rate. Current rates will be reviewed by the new bank and may be lowered; however, you may withdraw funds from any transferred account without early withdrawal penalty until you renew your Certificate of Deposit.

BROKERED DEPOSITS: As an All-Deposits Transfer transaction, the total of all deposit accounts, excluding the Cede & Co. deposits, have been assumed by Centennial Bank. If you are a customer who has a Gulf State Community Bank deposit through a broker, you must contact your broker with any questions.

SAFE DEPOSIT BOXES: You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by the new bank.

OVERDRAFT LINES OF CREDIT: These lines have been transferred to the assuming bank. Please contact the new bank if you have additional questions regarding your accounts.

LOAN PAYMENTS: You should continue to make your payments according to the terms of your written contract. You may continue to make your payments at the branch office or send it to the same payment address with checks made payable to the Gulf State Community Bank.

ESCROW PAYMENTS: All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, notify your loan officer immediately.

LOANS IN PROCESS: Please contact your current loan officer directly.

SHARES OF STOCK: All shares of stock were owned by the holding company, Gulf State Bancorp, Carrabelle, FL. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Gulf State Bancorp, please do not contact or file a claim with the Receiver. You may contact the holding company directly for more information:

Gulf State Bancorp
206 St. James Ave
Carrabelle, FL   32322

CLAIMS: Please send claims for unpaid bills to the following address:

FDIC as Receiver for Gulf State Community Bank
1601 Bryan Street
Dallas, TX  75201-3430
Attention: Claims Agent

DEPOSIT INSURANCE INFORMATION: If you have accounts in both the failed and the assuming institution, they will be insured separately for at least six months following the merger of the institutions. This will allow you time to restructure your accounts if necessary.

ADDITIONAL QUESTIONS: You may contact the FDIC Call Center at the number provided below with any additional questions:

FDIC Call Center
Toll free number 1-800-774-8035
Hours of Operation - EASTERN Time
Friday, November 19, 2010:  Until 9:00 p.m.
Saturday, November 20, 2010:
  9:00 a.m. - 6:00 p.m.
Sunday, November 21, 2010:
  Noon - 6:00 p.m.
Thereafter:
  8:00 a.m. - 8:00 p.m.

SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting private information from you related to this event, please contact the call center above and you will be directed to the appropriate person.

For more information: www.fdic.gov/bank/individual/failed/gulfstate.html


Last Updated 03/21/2014 cservicefdicdal@fdic.gov