FDIC had a trifecta on Friday

[Jeff Tumbarello]

http://www.fdic.gov/news/news/press/2009/pr09012.html

FDIC Approves the Payout of the Insured Deposits of MagnetBank, Salt Lake City, Utah

After an extensive marketing process, the FDIC was unable to find another financial institution to take over the banking operations of MagnetBank. As a result, checks to the retail depositors for their insured funds will be mailed on Monday morning. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed money with brokers should contact them directly for more information about the status of their funds.

http://www.fdic.gov/news/news/press/2009/pr09013.html

Bank of Essex, Tappahannock, Virginia, Acquires All the Deposits of Suburban Federal Savings Bank, Crofton, Maryland

Suburban Federal Savings Bank, Crofton, Maryland, was closed today by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Essex, Tappahannock, Virginia, to assume all of the deposits of Suburban Federal.

The failed bank's seven offices will reopen on Saturday as branches of Bank of Essex. Depositors of Suburban Federal will automatically become depositors of Bank of Essex. 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. Customers of both banks should continue to use their existing branches until Bank of Essex can fully integrate the deposit records of Suburban Federal.

http://www.fdic.gov/news/news/press/2009/pr09014.html

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

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.

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I spoke with Ocala a few months back. I got the all is well speech, we do not need to sell any paper......

sure wish I had her cell number

The FDIC got some real junk paper on this one