Centennial Bank Buys Heritage Bank of Florida In FDIC-Assisted Deal

by Lance Turner  on Friday, Nov. 2, 2012 5:21 pm  

CEO Randy Sims announces another FDIC-assisted deal for Centennial Bank to take over the assets of a Florida bank.

Before Friday's deal for Heritage Bank, Centennial’s 44 full-service locations service total deposits of $1.2 billion, dwarfing the position it held in Florida at the start of 2010: No. 147 with $241 million in total deposits. 

FDIC at Work on Friday

On Friday, the FDIC seized Heritage Bank and Citizens First National Bank, based in Princeton, Ill.

Citizens First had $924 million in assets and $869.4 million in deposits as of Sept. 30.

Heartland Bank and Trust Co., based in Bloomington, Ill., will assume Heartland's assets and deposits.

The two bank failures are expected to cost the deposit insurance fund $110.7 million.

(With reporting by George Waldon and The Associated Press.)

 

 

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