Stearns Bank assumes deposits of Community National Bank of Sarasota County

Mon. August 10, 2009; Posted: 01:06 PM

Aug 10, 2009 (Datamonitor via COMTEX) -- CNYL | Quote | Chart | News | PowerRating -- The Office of the Comptroller of the Currency has closed Community National Bank of Sarasota County, Florida and appointed the Federal Deposit Insurance Corporation, or FDIC, as receiver. The FDIC has entered into a purchase and assumption agreement with Stearns Bank, National Association, St Cloud, Minnesota, to assume all of the deposits of Community National Bank of Sarasota County.

Depositors of Community National Bank of Sarasota County will automatically become depositors of Stearns Bank. Depositors will continue to be insured by the FDIC. Customers should continue to use their existing branches until Stearns Bank, can fully integrate the deposit records of Community National Bank of Sarasota County.

As of June 30, 2009, Community National Bank of Sarasota County had total assets of $97 million and total deposits of approximately $93 million. Stearns Bank will pay the FDIC a premium of 0.25% to assume all of the deposits of Community National Bank of Sarasota County. In addition to assuming all of the deposits of the failed bank, Stearns Bank agreed to purchase $94 million of the failed banks assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Stearns Bank entered into a loss-share transaction on approximately $79 million of Community National Bank of Sarasota County's assets. Stearns Bank will share in the losses on the asset pools covered under the loss-share agreement.

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