- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement (3.99 mb PDF File - PDF Help)
- Bid Summary
- Receivership Termination
On Friday, November 18, 2011, Central Progressive Bank, Lacombe, LA was closed by the Louisiana Office of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership is deemed terminated.Back to top
The FDIC has issued a press release (PR-181-2011) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at 1-202-898-6984.Back to top
All deposit accounts, including brokered deposits, have been transferred to First NBC Bank, New Orleans, LA ("assuming institution") and will be available immediately. The former Central Progressive Bank locations will reopen as branches of First NBC Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at First NBC Bank for six months after the failure of Central Progressive Bank. Checks that were drawn on Central Progressive 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 1-800-234-9027 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 First NBC Bank as long as the deposits are not pledged as collateral for loans. You may view more information about First NBC Bank by visiting their web site.
First NBC Bank (www.firstnbcbank.com)Back to top
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
The FDIC as Receiver for Central Progressive Bank, has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership on July 22, 2014.
The Receiver has made all dividend distributions required by law.
Effective November 18, 2014, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.Back to top General Disclaimer