The Office of Thrift Supervision has closed Florida-based Century Bank, FSB and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. However, to protect the depositors, the FDIC has entered into a purchase and assumption agreement with Louisiana-based IBERIABANK, to assume all of the deposits of Century Bank, FSB.
The eleven branches of Century Bank, FSB will reopen as branches of IBERIABANK. The depositors of Century Bank, FSB will automatically become depositors of IBERIABANK. Deposits will continue to be insured by the FDIC. Moreover, customers can continue to use their existing branches until IBERIABANK can fully integrate the deposit records of Century Bank, FSB.
Additionally, the FDIC and IBERIABANK entered into a loss-share transaction on approximately $656m of Century Bank, FSB’s assets. IBERIABANK will share in the losses on the asset pools covered under the loss-share agreement.
