APPROVES THE ASSUMPTION OF ALL DEPOSITS
OF OCEANMARK BANK, A FSB, NORTH MIAMI BEACH, FLORIDA
FOR IMMEDIATE RELEASE PR-39-99 (7-9-99)
Media Contact: Phil Battey (202) 898-7192
The Federal Deposit
Insurance Corporation (FDIC) has approved the assumption of all the deposits
of Oceanmark Bank, a FSB, North Miami Beach, Florida, by Third Federal
Savings & Loan Association of Florida, North Miami Beach, Florida,
a newly-chartered institution, which is a subsidiary of TSF Financial,
Inc., Wilmington, Delaware.
Oceanmark, with total
assets of $70.6 million, was closed today by the Office of Thrift Supervision,
and the FDIC was named receiver.
office will reopen on Monday, July 12, as an office of Third Federal Savings
& Loan Association of Florida. The institution had total deposits
of $64.2 million in approximately 2,900 accounts. Third Federal Savings
& Loan Association of Florida will assume the failed institutionís
$64.2 million of deposits and will pay a premium of $12.5 million for
the right to those deposits and to purchase $6.3 million of Oceanmarkís
assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates
this transaction will cost the Savings Association Insurance Fund (SAIF)
This is the first
SAIF-insured failure in the U.S. since August 9, 1996.
# # #
Congress created the
Federal Deposit Insurance Corporation in 1933 to restore public confidence
in the nationís banking system. The FDIC insures deposits at the nationís
10,390 banks and savings associations and it promotes the safety and soundness
of these institutions by identifying, monitoring and addressing risks
to which they are exposed.
FDIC press releases
and other information are available on the Internet via the World Wide
Web at www.fdic.gov and may also be
obtained through the FDICís
Public Information Center (800-276-6003 or (703) 562-2200).