Please be advised you will not receive any
email notification to claim/unlock/unsuspend your
account or to provide any private information. Please
be aware of any Phishing
Scams to obtain information from you.
On Friday, March 12, 2010, Old Southern Bank,
Orlando, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation
(FDIC) was named Receiver. No advance notice is given
to the public when a financial institution is closed.
The FDIC has assembled useful information regarding
your relationship with this institution. Besides a
checking account, you may have Certificates of Deposit,
a car loan, a business checking account, a commercial
loan, a Social Security direct deposit, and other
relationships with the institution. The FDIC has
compiled the following information, which should answer
many of your questions.
The FDIC has
issued a press release (PR-052-2010)
about the institution's closure. If you represent a
media outlet and would like information about the
closure, please contact David
Barr at
1-202-898-6992.
All deposit accounts have been transferred to
Centennial Bank, Conway, AR ("assuming institution")
and will be available immediately. The former Old
Southern Bank locations will reopen as branches of
Centennial Bank during regular business hours.
Your transferred deposits will be separately insured
from any accounts you may already have at Centennial
Bank for six months after the failure of Old Southern
Bank. Checks that were drawn on Old Southern Bank that
did not clear before the institution closed will be
honored as long as there are sufficient funds in the
account. For more information on deposit insurance,
you may speak to an FDIC representative by calling
1-800-822-1918 or visit EDIE, the FDIC's Electronic
Deposit Insurance Estimator.
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you
enter into a new deposit agreement with Centennial Bank
as long as the deposits are not pledged as collateral
for loans. You may view more information about
Centennial Bank by visiting their web site.
The Automated Teller Machines (ATM) and online
service will remain available.
The bank will maintain its regular business hours
and you may continue to use the services to which you
previously had access, such as safe deposit boxes,
night deposit boxes, wire services, etc.
Your checks will be processed as usual. All
outstanding checks will be paid against your available
balance(s) as if no change had occurred. Your new bank
will contact you soon regarding any changes in the
terms of your account. If you have a problem with a
merchant refusing to accept your check, please contact
your branch office. An account representative will
clear up any confusion about the validity of your
checks.
All interest accrued through Friday, March 12, 2010
will be paid at your same rate. Centennial Bank will
be reviewing rates. You will be notified of any
changes.
Your automatic direct deposit(s) and/or automatic
withdrawal(s) will be transferred automatically to your
new bank. If you have any questions or special
requests, you may contact a representative of your
assuming institution at your branch office.
If you had a loan with Old Southern Bank, you should
continue to make your payments as usual. The terms of
your loan will not change, because they are
contractually agreed to in your promissory note. Checks
should be made payable as usual and sent to the same
address until further notice. If you have further
questions regarding an existing loan, please contact
your loan officer.
For all questions regarding new loans and the
lending policies of Centennial Bank, please contact
your branch office.
Claims against failed financial institutions occur
when bills sent to the institution remain unpaid at the
time of failure. If you or your company provided a
service or product, leased space, furniture, or
equipment to Old Southern Bank after Friday,
March 12, 2010 and have not been paid, you do
not have a claim against Old
Southern Bank. Please follow your normal billing
procedures by providing an invoice as instructed.
If you or your company provided a service or product,
leased space, furniture, or equipment to Old Southern
Bank prior to Friday, March 12, 2010
and have not been paid, you
may be entitled to a claim
against the bank. If you provided a product to or a
service for Old Southern Bank prior to the bank's
failure for which you have not been paid and you have
not received communication, please
contact:
Federal Deposit Insurance Corporation
Receiver: Old Southern Bank
7777 Baymeadows Way West
Jacksonville, FL 32256
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before 6/16/2010.
All shares of Old Southern Bank were owned by its
holding company, Old Southern Bancorp, Inc., Orlando,
FL. The holding company was not included in the closing
of the bank or the resulting receivership. If
you are a shareholder of Old Southern Bancorp, Inc.,
please do not contact or file a claim with the
Receiver. You may contact Old Southern Bancorp, Inc.
directly for information as follows:
Old
Southern Bancorp, Inc.
250 North Orange Ave.
Orlando, FL 32801
1-407-420-3900
The FDIC offers a reference guide to deposit brokers
acting as agents for their investor clientele. This
site outlines the FDIC's policies and procedures that
must be followed by deposit brokers when filing for
pass-through insurance coverage on custodial accounts
deposited in a failed FDIC Insured Institution.
