[UPDATE] Wakulla Bank Closes

By: FDIC Press Release/AP/Centennial
By: FDIC Press Release/AP/Centennial

[UPDATE] 10-27 2:14PM --

Tracy French, Regional President of Centennial Bank, recently named Wallace Jensen as Market President for Panama City and Donnie Gay as Market President of Apalachicola, Mexico Beach to Carrabelle.” I’m very excited about these two exceptional bankers, and know with their hard work ethic and leadership skills our bank will thrive,” said French. “We are very pleased to name two local residents to leadership positions.”

Jensen has over 35 years of banking and lending experience. Jensen received a bachelor’s degree in finance. For a large part of his banking career he has served in several senior leadership positions, including vice president, compliance officer, chief lending officer, president and C.E.O. Jensen is active in the community and serves on the Board of Directors for Port St. Joe Economic Development Company. He has 5 children and resides with his wife Pamela in Panama City.

Gay grew up in Apalachicola and began his banking career as a senior in high school. Gay attended Gulf Coast Community College in Panama City and graduated from Florida Banking School in 2002. Gay is very active and serves on several boards in the community. Gay is presently the Chairman of the United Way of Big Bend, Franklin County Unit and a member of the Apalachicola Bay Rotary Club. Gay resides in Eastpoint with his wife, Marci Mullins Gay, and their 2 children Juliana and Matthew.

Centennial Bank acquired Bayside Savings Bank and Coastal Community Bank on July 30, 2010. Centennial Bank provides a broad range of commercial and retail banking and related financial services to businesses, real estate developers and investors, individuals and municipalities. Centennial Bank has locations in central Arkansas, north central Arkansas, southern Arkansas, the Florida Keys, southwestern Florida, central Florida and now the Florida Panhandle. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol "HOMB."


[UPDATE] 10-21 12:37PM

WCTV has received the third quarter earnings statement of Home BancShares, Inc., the parent company of Centennial Bank, which took over Wakulla Bank. We have attached the full PDF to this article.


[UPDATE] 10-4 1:30PM

On October 3, Centennial Bank took ownership of Wakulla Bank. Wakulla Bank was on a problem list by the Florida Office of Financial Regulation since 2009. Because the bank was unable to fix its problems (see previous posts), the bank was closed. Now Centennial Bank has taken over, and promises a smooth transition. Bank officials say there is nothing to worry about as the transition takes place and that customers' money is insured with FDIC. Officials at Centennial also plan to open more branches for the convenience of customers.

Stay with WCTV for more on this story.


Wakulla Bank, Crawfordville, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Centennial Bank, Conway, Arkansas, to assume all of the deposits of Wakulla Bank.

The 12 branches of Wakulla Bank will reopen on Saturday as branches of Centennial Bank. Depositors of Wakulla Bank will automatically become depositors of Centennial Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Wakulla Bank should continue to use their existing branch until they receive notice from Centennial Bank that it has completed systems changes to allow other Centennial Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Wakulla Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Wakulla Bank had approximately $424.1 million in total assets and $386.3 million in total deposits. Centennial Bank did not pay the FDIC a premium for the deposits of Wakulla Bank. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase essentially all of the assets.

The FDIC and Centennial Bank entered into a loss-share transaction on $212.7 million of Wakulla Bank's assets. Centennial Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-528-6357. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/wakulla.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $113.4 million. Compared to other alternatives, Centennial Bank's acquisition was the least costly resolution for the FDIC's DIF. Wakulla Bank is the 128th FDIC-insured institution to fail in the nation this year, and the twenty-fifth in Florida. The last FDIC-insured institution closed in the state was Haven Trust Bank Florida, Ponte Vedra, on September 24, 2010.

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,830 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 – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov


Washington, D.C. (AP) - Regulators have shut down a small bank in
Florida, lifting to 128 the number of U.S. bank failures this year
amid mounting loan defaults and lingering economic distress.
The Federal Deposit Insurance Corp. on Friday took over Wakulla
Bank, based in Crawfordville, Fla., with $424.1 million in assets
and $386.3 million in deposits. Centennial Bank, based in Conway,
Ark., agreed to assume the assets and deposits of Wakulla Bank.
The failure of Wakulla Bank is expected to cost the deposit
insurance fund $113.4 million.


FDIC Press Release - On Friday, October 1, 2010, Wakulla Bank, Crawfordville, FL was closed by the Florida Office of Financial Regulation. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

All deposit accounts, excluding certain brokered deposits, have been transferred to Centennial Bank, Conway, AR. For more information on Centennial Bank, visit us at www.my100bank.com

The FDIC has assembled useful information regarding your relationship with Wakulla Bank. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.

Please select the link below to read more about this event:

FDIC Bank Closing Information for Wakulla Bank

Online service will remain available.

Continue to Wakulla Bank's Online Banking Login

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