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CenterState Bank Acquires All the Deposits of Ocala National Bank, Ocala, Florida

FOR IMMEDIATE RELEASE
January 30, 2009
Media Contact:
LaJuan Williams-Dickerson
Office 202-898-3876
Lwilliams-dickerson@fdic.gov

Ocala National Bank, Ocala, Florida, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, Winter Haven, Florida, to assume all of the deposits of the Ocala National Bank.

The four locations of Ocala National will reopen on Monday, February 2, 2009, as branches of CenterState. Depositors of the failed bank will automatically become depositors of CenterState 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.

Over the weekend, customers of Ocala National 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 December 31, 2008, Ocala National Bank had total assets of $223.5 million and total deposits of $205.2 million. In addition to assuming all of the failed bank's deposits for a premium of 1.7 percent, CenterState agreed to purchase approximately $23.5 million in assets. The FDIC will retain the remaining assets for later disposition.

Ocala National also had approximately $17.2 million in brokered deposits that are not part of today's transaction. The FDIC will pay the brokers directly for the amount of their deposits. Customers who have placed money with these brokers should contact them directly for more information.

Customers who have questions about today's transaction can call the FDIC toll free at 1-800-930-5170. This phone number will be operational this evening until 9:00 p.m. EST; on Saturday from 9:00 a.m. to 6:00 p.m. EST; and on Sunday from noon to 6:00 p.m. EST; and thereafter from 8:00 a.m. to 8:00 p.m. EST.

Customers who would like more information on today's transaction should visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/ocala.html. The transaction is the least costly resolution option, and the FDIC estimates the cost to its Deposit Insurance Fund will be $99.6 million. Ocala National is the sixth FDIC-insured institution to be closed this year. Ocala National Bank is the first bank to fail in Florida since Freedom Bank, Bradenton, on October 31, 2008.

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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 8,384 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-14-2009




Last Updated 2/2/2009 communications@fdic.gov