Question and Answer Guide
Ocala National Bank, Ocala, FL
FDIC Call Center
Toll free number 1-800-930-5170
Hours of Operation – Eastern Time
Friday, January, 30, 2009: Until 9:00 p.m.
Saturday, January 31, 2009: 9:00 a.m. – 6:00 p.m.
Sunday, February, 1, 2009: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
Is My Account Fully Insured? (closedbanks.fdic.gov/drrip/AFI/Search/)
Electronic Deposit Insurance Estimator (edie.fdic.gov/)
The following answers are provided to the most commonly asked questions by customers of the failed bank. The total balance in your account(s) has been transferred to CenterState Bank of Florida, National Association, Winter Haven, FL and will be available for transactions during regular business hours at the former Ocala National Bank branches.
- Over $250,000: What if I have more than $250,000 in my accounts at Ocala National Bank?
- Account Hold: I have been advised there is a hold on my account. What does that mean?
- ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?
- Automatic Payments/Online Bill Pay: Will my automatic Bill Pay payments continue?
- Brokered Deposits/Deposit Broker: I am a deposit broker or I have brokered deposits.
- Checks not honored: A merchant will not honor my check. What can I do?
- Claim Account(s): How do I claim my account(s)?
- Customer Impact: How does this action affect me?
- I already have other deposit accounts with the new bank. When combined with balances at this bank, my deposits exceed $250,000. Are all funds insured?
- Direct Deposits, Social Security: What will happen to my direct deposits?
- Early withdrawal penalty: Will I incur an early withdrawal penalty on my CD if I close my CD before maturity?
- Final Statement: How will I get my final statement(s) from Ocala National Bank?
- Interest: Will I be paid interest at the same rate?
- Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
- Internet Connection: Will online banking work?
- IRAs: What if I have an Individual Retirement Account (IRA)? Is my IRA insured?
- Lose Any Money?: Will I lose anything on my deposit account?
- Outstanding Checks: What will happen to the checks which have not cleared my account?
- Records/Account Histories: What if I need information regarding my account during the time Ocala National Bank was in business?
- Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information?
- Wire Transfer: Can funds be wired to me?
- Automatic Payments: Will my ACH transaction payment still occur on its assigned date?
- Construction Loan Draws: Will draws continue and will my project be completed?
- Construction Loan Voucher Control: Will my subcontractors be paid as before?
- Escrows: Will my escrows continue to be paid?
- Fees: Are there any changes to fees or charges due to this event?
- Lender and contact names: Who is my lender and has my loan contact changed?
- Loan Sales: Will my loan be sold?
- Line of Credit Advances Home Equity: Can I continue to obtain advances on my line of credit?
- Loan in Process: I have a loan currently in process. How is my loan impacted?
- Loan Sweeps: Will my loan sweep be discontinued?
- Overdraft Line of Credit: Will my overdraft line of credit continue to cover my overdrafts?
- Payments: How/where do I make my payments?
- Pre-payment Penalty: If I refinance, will my pre-payment penalty be waived?
- What Happens Now: What will happen to my loan?
- All-Deposit Transfer versus Insured Deposit Transfer: Why do all deposits, insured and uninsured, pass in some transactions but not in others?
- FDIC Insurance: How can I find out more information about FDIC Insurance rules?
- Media: I represent a TV/Newspaper/Radio and would like some information.
- Bank Insured: Is the new bank insured by the FDIC?
- Safe Deposit Box: How do I obtain the contents of my safe deposit box?
- Shareholders: I am a Shareholder. What happens to my shares?
- Unpaid Bill: I am owed money by Ocala National Bank. What should I do?
- What happened?: What happened, why did the bank fail?
DEPOSIT QUESTIONS
1. What if I have more than $250,000 in my accounts at Ocala National Bank?
All deposit accounts have been transferred in their entirety to CenterState Bank of Florida, based in Winter Haven, FL. All former Ocala National Bank offices will reopen for normal business hours on Monday, February 2, as branches of CenterState Bank of Florida.
As an All-Deposit Transfer transaction, the total of all deposit accounts, whether within FDIC insurance limits or not, have been assumed by CenterState Bank of Florida and will be available for business as usual.
2. I have been advised there is a hold on my account. What does that mean?
It is possible a depositor's account was held due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will continue to be held. A letter will be sent informing you of any holds placed by the FDIC, along with instructions on how to proceed. If you have any questions regarding these holds, please call your loan officer or the FDIC at the number provided in the letter.
3. Can I continue to write checks or use my ATM/Debit card?
You will be able to continue using your personal checks at this time, and your ATM/Debit card will continue to work. The ATM machine will be unavailable for a short period of time on Friday for processing; however, it will be operational shortly after that is accomplished and will be available as usual.
4. Will my automatic payments through Billpay continue?
Billpay will be available as usual on Saturday, January 31.
5. I am a deposit broker or I have brokered deposits. What do I need to do?
Brokered deposits will be held by the FDIC, and those insured deposits will be paid off when the insurance determination is complete. The FDIC offers an online 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 in a failed FDIC-insured institution. Please read the following Deposit Broker Processing Guide completely before contacting the FDIC with questions:
Deposit Broker Processing Guide (www.fdic.gov/deposit/deposits/brokers/index.html)
Should you have any questions regarding the completion of required affidavits or declarations on behalf of your client, please call 1-800-930-5170 and indicate you have a form completion question.
If you are a customer who has an Ocala National Bank deposit through a broker, you must contact your broker with any questions. Once the FDIC receives a balanced investor file along with all the required documentation, from your broker, your insured funds will be wired to them on your behalf.
6. A merchant will not honor my check. What can I do?
You can provide a copy of this document or a copy of the press release (www.fdic.gov/news/news/press/2009/pr09014.html) since both documents state all deposits have been transferred to CenterState Bank of Florida, and it is business as usual. Copies of this press release will be available at the former Ocala National Bank branches. Depositors or merchants can also call the FDIC at 1-800-930-5170 or the former Ocala National Bank branches.
7. How do I claim my account(s)?
Your account(s) has already been transferred to CenterState Bank of Florida, and your account(s) will be handled as usual. Any withdrawal, renewal or additional deposits will "claim" your account. Please be advised that if there is no activity in your account in the next 18 months, that money will be turned over to your state as unclaimed property. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer's office or office of unclaimed property.
8. How does this failure affect me?
All deposits (both insured and uninsured) of Ocala National Bank have been transferred to CenterState Bank of Florida, and it will be business as usual. If you held an account at Ocala National Bank, you now have an account at CenterState Bank of Florida that is available to you at your former Ocala National Bank branches during regular business hours.
If you had a loan with Ocala National Bank, please continue to make our payments to the same address as you have in the past until you are instructed otherwise. Continue to make your checks payable to Ocala National Bank.
The former Ocala National Bank locations will reopen for normal business hours on Monday, February 2. You will have continued access to your money through your ATM/debit card and by writing checks.
Can Ocala National Bank customers use CenterState Bank of Florida branches?
No, not at this time. During the transition of Ocala National Bank records to CenterState Bank of Florida systems, Ocala National Bank customers should continue to conduct their banking business at former Ocala National Bank branches. You will be notified when you can use CenterState Bank of Florida branches.
Similarly, existing CenterState Bank of Florida customers cannot use former Ocala National Bank branches and should continue to conduct their business at CenterState Bank of Florida branches.
9. I already have other deposit accounts with the new bank. When combined with balances at this bank, my deposits exceed $250,000. Are all funds insured?
The transferred accounts will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity date after the end of the six-month grace period. CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period. If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.
10. What will happen to my direct deposits?
Direct Deposits will continue as normal, including Social Security checks. If you need to change anything in the future, please contact or visit your former Ocala National Bank branch location to make those arrangements.
11. Will I incur an early withdrawal penalty if I close my CD before maturity?
No. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
12. How will I get my final account statement(s) from Ocala National Bank?
You will receive your account statements at the same time you have received them in the past.
13. Will I continue to earn interest at the same rate?
All interest on insured deposits accrued through Friday, January 30, will be paid at your same rate. CenterState Bank of Florida will be reviewing rates and will provide further information soon.
If you deposited funds through a broker, the interest will accrue and be paid through Friday, January 30.
14. Can I cash my interest check or cashier's check?
Interest checks and cashier's checks will continue to clear.
15. Will my Internet connection to Ocala National Bank work?
The bank website will be available for regular transactions on Saturday, January 31.
16. What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
Yes, all deposits, including IRAs have been transferred in their entirety to CenterState Bank of Florida. IRA funds are insured separately from other types of accounts up to $250,000.
If you close your IRA before maturity, you have 60 days to roll this over into another retirement vehicle. You should consult IRS Publication 590 and/or your tax advisor concerning the possible tax consequences of such distribution. IRS Publication 590 may be obtained by contacting your local IRS office or via the Internet at www.irs.gov.
17. Will I lose anything on my deposit account?
No. All accounts have been transferred in their entirety to CenterState Bank of Florida and will be available starting on Monday, February 2.
18. What will happen to the checks which have not cleared my account?
Checks drawn on Ocala National Bank that did not clear before Friday, January 30, will be honored up to your available balance.
19. What if I need information regarding my account during the time Ocala National Bank was in business?
Please contact a representative of your new bank at your former Ocala National Bank branch location to obtain a copy of any records you may need or visit your branch.
20. Who will send my 1098 and/or 1099 information after the end of the year?
CenterState Bank of Florida will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
21. Can funds be wired to me?
Please contact your former Ocala National Bank branch location to obtain information regarding your wire request.
LOAN QUESTIONS
22. Will my automatic transaction payment still occur on its assigned date?
You should experience no disruption in this service. We encourage you to check your bank account the day after your scheduled draft to verify the transaction. If the transaction did not occur, please notify your loan officer and we will research your loan.
23. Will construction draws continue? Will my project be completed?
Each loan is being reviewed independently, and you should direct your questions to your loan officer. These will be determined on a case-by-case basis.
24. Will my subcontractors be paid as before?
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.
25. Will you continue to pay my escrows?
All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately.
26. Are there any changes to fees or charges due to this event?
No. The current fee structure will remain the same.
27. Who is my lender and has my loan contact changed?
Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.
28. Will my loan be sold?
Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.
29. Can I continue to perform advances on my personal line of credit?
All Home Equity Lines of Credit (HELOCs) have been suspended at this time and have been retained by the FDIC. You may contact CenterState Bank of Florida at your former Ocala National branch to discuss establishing a borrowing relationship.
30. I have a loan currently in process. How is my loan impacted?
Please contact your loan officer directly.
31. Will my loan sweep be discontinued?
This will be determined on a case-by-case basis. Please contact your loan officer.
32. Will my overdraft line of credit continue to cover my overdrafts?
Yes. These lines have been transferred to CenterState Bank of Florida. Please contact your new bank if you have additional questions regarding your accounts.
33. How and where do I make my payments?
You should continue to make your payments as agreed. Make checks payable to Ocala National Bank and utilize the same payment address information. You may continue to make your payments at the branch or by phone via check or credit card.
34. If I refinance with another lender, will my pre-payment penalty be waived?
Any pre-payment penalties will be waived as long as FDIC as Receiver is in control of the loan, and the borrower obtains refinancing of the outstanding balance on the account with another lender.
35. What will happen to my loan?
Each loan is currently being reviewed independently to determine the best action for that individual loan. If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.
GENERAL QUESTIONS
36. Why do all deposits, insured and uninsured, pass is some transactions but not in others?
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC is only able to transfer all deposits if the uninsured amounts are covered by the premium. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
37. How can I find out more about Federal Deposit Insurance rules?
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):
Deposit Insurance (www.fdic.gov/deposit/index.html)
Are my deposits insured? (www.fdic.gov/deposit/deposits/index.html)
EDIE (edie.fdic.gov/)
You may also order other FDIC publications:
FDIC Public Information Center
3501 North Fairfax Drive
Room E-1002
Arlington, VA 22226
703-562-2200 Phone
703-562-2296 Fax
publicinfo@fdic.gov
38. I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
39. Is the new bank insured by the FDIC?
Yes. Your deposit at CenterState Bank of Florida is insured by the FDIC, and each depositor is insured to at least $250,000, as established by law. CenterState Bank of Florida participates in the Temporary Liquidity Guarantee Program, which provides full coverage of non-interest bearing deposit transaction accounts, regardless of dollar amount.
40. How can I claim the contents of my safe deposit box?
It is business as usual. You may go to your branch and access your safe deposit box or make appointments by calling your former Ocala National Bank branch location.
41. I am a shareholder. What happens to my shares?
The Ocala National Bank had no publicly owned stock. Equity shareholders were invested in the holding company, ONB Financial Services, Inc., and not in the bank. Please contact the holding company with any questions you may have:
ONB Financial Services, Inc.
3001 Se Maricamp Road
Ocala, FL 34471
42. I did some work for Ocala National Bank and have not yet been paid. What should I do?
Please send your bills to the following address:
FDIC as Receiver for Ocala National Bank
1601 Bryan Street
Dallas, TX 75201
43. What happened, why did the bank fail?
Ocala National Bank, Ocala, FL was closed Friday, January 30, by the Office of the Comptroller of the Currency (OCC). Subsequently, the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver. According to regulatory policy, there is no advance notice given to the public. Please see the Office of the Comptroller of the Currency (OCC) press release for more information.
The good news is that no one lost any deposits as a result of the closure of Ocala National Bank. To protect depositors, the FDIC Board of Directors approved the assumption of ALL of Ocala National Bank's deposits by CenterState Bank of Florida, National Association, headquartered in Winter Haven, FL.
SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting personal information from you related to this event, please contact the call center above and you will be directed to the appropriate person.
For more information: www.fdic.gov/bank/individual/failed/ocala.html