- CenterState Bank of Florida, National Association Assumes All of the Deposits of Olde Cypress Community Bank
- July 29, 2010
- Law Firm: Alston Bird LLP - Atlanta Office
On Friday, the Office of Thrift Supervision closed Olde Cypress Community Bank, headquartered in Clewiston, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, National Association, headquartered in Winter Haven, Florida, to assume all of the deposits of Olde Cypress Community Bank.
As of March 31, 2010, Olde Cypress Community Bank had approximately $168.7 million in total assets and $162.4 million in total deposits. CenterState Bank of Florida, N.A. did not pay the FDIC a premium for the deposits of Olde Cypress Community Bank, but did agree to purchase essentially all of the failed bank’s assets. The FDIC and CenterState Bank of Florida entered into a loss-share transaction on $128.2 million of Olde Cypress Community Bank’s assets.
Olde Cypress Community Bank is the 95th FDIC-insured institution to fail in the nation this year, and the seventeenth in Florida. This is the second failed bank acquisition by a subsidiary of CenterState Banks of Florida, Inc.