Last day for Ocala bank

Calcutta News.Net
Friday 20th August, 2010

Independent National Bank commenced operations in Ocala, Florida on October 1, 1988.

The Bank was nationally-chartered and operated from five full-service banking offices. The main office and operations center was at 60 Southwest 17th Street in Ocala, Florida (the "Main Office").

The Bank's branch office on Highway 200 in Ocala, Florida (the "Hwy 200 Branch"), was located 7.5 miles southwest of the Main Office.

On February 16, 1999, the Bank opened its second full-service branch at 10990 U.S. Hwy 441 in Belleview, Florida (the "Belleview Branch"). On June 1, 1999, the Bank opened ("The Villages Branch") in Lady Lake, Florida in Sumter County (pictured).

On Friday the bank and its five branches were shut down by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

The FDIC simultaneously entered into a purchase and assumption agreement with CenterState Bank of Florida, National Association, Winter Haven, Florida, to assume all the deposits and essentially all the assets of the of Independent.

The brnaches of the failed bank will reopen as branches of CenterState Bank of Florida, N.A. under their normal business hours. Depositors will automatically become depositors of CenterState Bank of Florida, N.A. 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 Independent, said the FDIC in a statement, should continue to use their former branches until they receive notice from CenterState Bank of Florida, N.A. that it has completed systems changes to allow other CenterState Bank of Florida, N.A. branches to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual, the FDIC advised.

As of June 30, 2010 Independent National Bank had total assets of $156.2 million and total deposits of $141.9 million. CenterState Bank of Florida, N.A. did not pay the FDIC a premium for the deposits of Independent.

The FDIC and CenterState Bank of Florida, N.A. entered into loss-share transactions on $119.7 million of Independent National Bank's assets. CenterState Bank of Florida, N.A. will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Independent National Bank will be $23.2 million. Compared to other alternatives, CenterState Bank of Florida, N.A.'s acquisition was the least costly resolution for the FDIC's DIF.

Independent National Bank was founded in 1988 by a group of Ocala residents. Founding board members included Billy Gadd, Dr. Lanny Slaughter, Bill McClellan, Dr. Michael Webb, Claude Grubbs, and Dr. John Peterson. “The five of us knew each other and we got together to get a state-chartered, home-owned and operated bank in Ocala,” former Chairman Billy Gadd said at the bank's 20th anniversary reunion three years ago. “It was a long process. We had to crawl before we could walk and walk before we could run.”

“I was responsible for approving loans and also for going out and inspecting construction sites to make sure they were at the correct level to draw a check,” he says. “I went all over the county doing that.”

Veteran banker Mark Imes who joined the bank in 2006 said, “It’s wonderful to be here. We are a small bank that takes care of our customers. We pride ourselves on personal service. You will never be greeted by a phone recording, we learn client’s names, and we’re involved in the community. That’s what it’s all about.”

“All of our business exists within the Marion County area,” said Imes. “It’s important for us to be involved and help make our community stronger. Our success relies on Marion County’s success.”

“We use local merchants as often as possible,” he says. “We utilize local companies for office supplies, advertising, printing, and construction needs.”

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