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FDIC Sells Assets of the Former Guaranty National Bank of Tallahassee, Tallahassee, Florida
Hancock Bank of Florida, Tallahassee, Florida, purchased approximately $56.6 million of the assets of the former Guaranty National Bank of Tallahassee, Tallahassee, Florida, from the Federal Deposit Insurance Corporation (FDIC). Guaranty National was closed last Friday, March 12, by the Office of the Comptroller of the Currency, and the FDIC was named receiver.
Hancock Bank agreed to pay a premium of $13.6 million for the right to purchase the assets of the failed bank and to assume $66.9 million of Guaranty Nationalís total deposits. Guaranty National had total assets of $74.1 million as of December 31, 2003. The remaining assets of the former bank will be retained by the FDIC as receiver for later disposition.
The FDIC estimates that there will be no cost to the Bank Insurance Fund or the Savings Association Insurance Fund associated with the failure.
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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 9,182 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. The FDIC receives no federal tax dollars Ė insured financial institutions fund its operations
FDIC press releases and other information are available on the Internet at www.fdic.gov or contact the FDICís Public Information Center (877-275-3342 or (703) 562-2200).
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