Failed Bank Information

Information for Coastal Community Bank, Panama City Beach, FL

1. Introduction
2. Press Release
3. Acquiring Financial Institution
4. Question and Answer Guide
5. Banking Services
6. Loan Customers
7. Possible Claims Against the Failed Institution
8. Priority of Claims
9. Dividend Information
10. Brokered Deposits
11. Purchase and Assumption Agreement (1.09 MB PDF File - PDF Help)
12. Bid Summary
13. Coastal Community Bank Contact Information
14. Balance Sheet Summary

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. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.

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/)

V.  Banking Services

The Automated Teller Machines (ATM) and online service will remain available.

The bank will maintain its regular business hours, and you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.

Your checks will be processed as usual.  All outstanding checks will be paid against your available balance(s) as if no change had occurred.  Your new bank will contact you soon regarding any changes in the terms of your account.  If you have a problem with a merchant refusing to accept your check, please contact your branch office.  An account representative will clear up any confusion about the validity of your checks.

All interest accrued through Friday, July 30, 2010 will be paid at your same rate.  Centennial Bank will be reviewing rates.  You will be notified of any changes.

Your direct deposits and automatic withdrawals will be transferred to your new bank. If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office. Back to top

VI.  Loan Customers

If you had a loan with Coastal Community Bank, you should continue to make your payments as usual.  The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.

For all questions regarding new loans and the lending policies of Centennial Bank, please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.

VII.  Possible Claims Against the Failed Institution

Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to Coastal Community Bank after Friday, July 30, 2010 and have not been paid, you do not have a claim against Coastal Community Bank. Please follow your normal billing procedures by providing an invoice as instructed.

If you or your company provided a service or product, leased space, furniture, or equipment to Coastal Community Bank prior to Friday, July 30, 2010 and have not been paid, you may be entitled to a claim against the bank. If you provided a product to or a service for Coastal Community Bank prior to the bank's failure for which you have not been paid and you have not received communication, please contact:

All shares of Coastal Community Bank were owned by its holding company, Coastal Community Investments, Inc., Panama City Beach, FL. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of the holding company, please do not contact or file a claim with the receiver. You must write to the address below for more information:

VIII.  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

IX.  Dividend Information

X.  Brokered Deposits

The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele.  This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.

Deposit Broker's Processing Guide