Orion Bank - FDIC Information

Naples, Florida-based Orion Bank, which had $ 2.7 billion in assets as of last month, was sealed Friday - one of a trio of errors that will cost the federal health insurance fund of just over $ 1 billion loan.

Orion Bank had $ 2.1 billion deposits, 31 October, the Federal Deposit Insurance Corp. said. Lafayette, Louisiana-based IberiaBank Corp.Orion Bank 23 branches will reopen as branches of IberiaBank on Saturday, said the FDIC.

Orion Bank 23 branches will reopen Saturday IberiaBank offices. 11 Century Bank branches will reopen during normal business hours, beginning Saturday.Orion Bank's failure will cost the federal health insurance fund an estimated deposit of $ 615 million, Century Bank, 344 million U.S. dollars.

With the two closures are Florida's 11 banks failed this year. The error has also been concentrated in California, Georgia and Illinois.As the economy has worsened, have rising unemployment, falling house prices and rising loan defaults, bank failures cascade and billions undermined the federal insurance fund for deposits. She fell into the red.

To replenish the fund, FDIC Thursday mandate of the approximately 8,100 insured banks and savings institutions pay around 45 billion dollars in premiums in advance, that would have paid over the next three years. It is the first time that the agency has required insurance charges prepaid. The idea is that banks that spread the costs over three years instead of paying a fee, while deplete their capital reserves.

Orion Bank's failure cost the Federal Deposit Insurance around 615 million U.S. dollars.IberiaBank also agreed to assume the deposits from Sarasota, Florida-based Century Bank, which was sealed. Century Bank had 631 million U.S. dollars in deposits from 31 October.

Century Bank failure is estimated to cost the deposit insurance fund of 344 million U.S. dollars.San Clemente, California, Pacific Coast National Bank was also sealed on Friday. Pacific Coast National Bank was 130.9 million U.S. dollars in deposits, 31 August, said the FDIC.

Failure will cost the deposit sickness fund 27.4 million U.S. dollars.