Information for Coastal Community Bank, Panama City Beach, FL
- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement
- Bid Summary
- Receivership Termination
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
I. Introduction
On Friday, July 30, 2010, Coastal Community Bank, Panama City Beach, FL was closed by the Florida Office of Financial Regulation, 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.
II. Press Release
The FDIC has issued a press release (PR-174-2010) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 1-202-898-3876.
III. Acquiring Financial Institution
All deposit accounts, including certain brokered deposits, have been transferred to Centennial Bank, Conway, AR ("assuming institution") and will be available immediately. The former Coastal Community Bank locations will reopen as branches of Centennial Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at Centennial Bank for six months after the failure of Coastal Community Bank. Checks that were drawn on Coastal Community 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 1-800-523-0640 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
EDIE - 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 Centennial Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Centennial Bank by visiting their web site.
Centennial Bank (www.my100bank.com)
IV. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
V. Dividend Information
Dividend History on Coastal Community Bank
Dividend Information on Failed Financial Institutions
VIII. Receivership Termination
The FDIC as Receiver for Coastal Community Bank, Panama City Beach, FL has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in the Federal Register on August 5, 2016.
The Receiver has made all dividend distributions required by law.
Effective February 1, 2017, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.