OCC Appoints FDIC Receiver for Ocala National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Ocala National Bank, Ocala, Florida. Ocala National Bank’s primary market was Marion County, Florida. The bank, with approximately $223 million in assets at December 31, 2008, was established in 1986.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices.  The OCC also found that the bank has incurred losses that have depleted all of its capital, and there is no reasonable prospect that the bank will become adequately capitalized without Federal assistance.  The bank’s unsafe and unsound practices also weakened the bank’s condition and seriously prejudiced the interests of the bank’s depositors and the deposit insurance fund.

The FDIC will release information about the resolution of the bank.