Home > News & Events > Press Releases




Press Releases

FDIC APPROVES THE ASSUMPTION OF ALL DEPOSITS
OF OCEANMARK BANK, A FSB, NORTH MIAMI BEACH, FLORIDA
FOR IMMEDIATE RELEASE
PR-39-99 (7-9-99)
Media Contact:
Phil Battey (202) 898-7192

The Federal Deposit Insurance Corporation (FDIC) has approved the assumption of all the deposits of Oceanmark Bank, a FSB, North Miami Beach, Florida, by Third Federal Savings & Loan Association of Florida, North Miami Beach, Florida, a newly-chartered institution, which is a subsidiary of TSF Financial, Inc., Wilmington, Delaware.

Oceanmark, with total assets of $70.6 million, was closed today by the Office of Thrift Supervision, and the FDIC was named receiver.

Oceanmarkís main office will reopen on Monday, July 12, as an office of Third Federal Savings & Loan Association of Florida. The institution had total deposits of $64.2 million in approximately 2,900 accounts. Third Federal Savings & Loan Association of Florida will assume the failed institutionís $64.2 million of deposits and will pay a premium of $12.5 million for the right to those deposits and to purchase $6.3 million of Oceanmarkís assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates this transaction will cost the Savings Association Insurance Fund (SAIF) $4.4 million.

This is the first SAIF-insured failure in the U.S. since August 9, 1996.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nationís banking system. The FDIC insures deposits at the nationís 10,390 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.

FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov and may also be obtained through the FDICís Public Information Center (800-276-6003 or (703) 562-2200).

Last Updated 07/19/1999 communications@fdic.gov