Orion Bank Seized by Feds

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Saturday, November 14, 2009

Orion Bank seized by fedsFederal agents converged on the New Town, Key West, branch of Orion Bank on Friday, as the federal

government closed the Naples, Fla.-based bank, whose 23 branches also include Marathon and

Islamorada locations.

Depositors' money is safe, said the Federal Deposit Insurance Corp. (FDIC) in an online press release.

The bank was to reopen this morning as branches of Iberiabank of Lafayette, La. Customer bank

transactions will continue as normal, the FDIC said.

The federal government gives no warning before it takes over a

bank, presumably to avoid a run on the funds, in which

depositors would simultaneously withdraw all their money. It will

cost the government about $615 million for the Iberiabank deal,

the "least costly" option, the FDIC said. The money comes from

its Deposit Insurance Fund, which protects most bank deposits

up to $250,000.

That fund fell to $10.4 billion this year from more than $45

billion last year, the FDIC said Aug. 27.

Orion Bank is the 122nd FDIC-insured one to fail nationally this

year, and the 11th in Florida, the FDIC says. The last closed in

Florida was earlier Friday, when the feds took over Sarasota-

based Century Bank, which also will reopen as Iberiabank.

Orion Bank's assets were $2.7 billion and deposits about $2.1

billion as of Oct. 31. For more info, call the FDIC toll-free at 1-

800-331-6306 from 9 a.m.-6 p.m. today, noon-6 p.m. Sunday,

and 8 a.m.-8 p.m. weekday, or go to http://www.fdic.gov/bank/individual/failed/orion-fl.html(http://www.fdic.gov/bank/individual/failed/orion-fl.html) .

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form) to post comments. More Info (/node/21529)

The FDIC and Fed calls what these clowns tried to pull (/node/18511#comment-31321)

Submitted on Sun, 11/15/2009 - 11:37am

illegal "straw purchases".Cute euphemisim... (Having people "buy" stock, so it c an prop up scarybalance sheets, then immediately "loaning" it back to the exact same people...Old timers in my familycalled it just plain old crooked... And that's exactly what it is. Some banker's entire sense of ethics arejust that...Huge bags of straw...The pointed question here is why did they get in this situation wherethey had to resort to these "tactics", while most banks remain adequately capitalized? Yep, you guessedit... Plain old Greed.

Business as usual (/node/18511#comment-31294)

Submitted on Sat, 11/14/2009 - 9:58pm

More Keys real estate geniuses. Orion loaned money to everyone who wanted to buy in the Keys

because obviously, Keys real estate would go up forever. Of course, that turned out not to be so, andreal estate here will be in the tank for some time. More Marathon royalty gone.

Orion Bank (/node/18511#comment-31267)

Submitted on Sat, 11/14/2009 - 9:18am

Well, another one bites the dust. At least with the Credit Union the Fed's are reorganizing them ratherthan selling them to a bank 1000 miles away.

Is TIB next? (/node/18511#comment-31265)


Another Naples based bank that used to be headquartered in the Keys.

Centennial Bank (/node/18511#comment-31285)


I think Centennial Bank will be next. Right now they are in the foreclosure business not thebanking business, and they are trying to sell the bank off while they still can to another bank. At

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least that is was is being said on the Cocoanut Telegraph.

Are u kidding? (/node/18511#comment-31445)

Submitted on Tue, 11/17/2009 - 12:01am

Centennial Bank has the lowest percentage of non-performing loans of any bank operatingin the Keys; by a mile. You should really check your facts. Try looking the banks up at:http://www2.fdic.gov/ubpr/UbprReport/SearchEngine/Default.asp(http://www2.fdic.gov/ubpr/UbprReport/SearchEngine/Default.asp)the next time you want to

comment. I don't know about selling the bank, you may be right, but they are one of thecleanest, well capitilized banks in the country.

And then there's the dirtbag borrowers such as Cortex a/k/a(/node/18511#comment-31292)

Submitted on Sat, 11/14/2009 - 9:07pm by *.*

Keys Caribbean a/k/a whatever they say their name is this week. They are in foreclosurewith a local bank - I think it's Centennial. Weren't they Marine?

It's filthy dirtbags like that (they're DiGennaro's and McPherson's Bubbas) and the bankerswho loaned them money who are the reason the taxpayers are rescuing these banks. I saythat all Americans deserve the right to FAIL when they do stupid sh**.

And Key West Code Enforcement, why is that filthy construction fence and it's graffitistill there for us all to see? Why hasn't Cortex been forced to remove it and place a code-compliant fence there?

Key West Bank (/node/18511#comment-31289)


No Key West Bank will be next. They failed horribly when audited. Just a matter of time.

All of the employees should be looking for another job....

Oops... (/node/18511#comment-31257)


Their president and CEO, on their website says: "Regardless of the times, Orion will continue to be solidand secure".

Wouldn't it be pure joy, (/node/18511#comment-31251)


if there were a way to see a comprehensive listing of every statement by the principles of this institutionin the last year stating that everything was just fine?(And that the bank was actually getting better andstronger). I remember very well reading them, just can't directly quote them with attribution. Can anyof you? What were these people doing w/ the bank's assets(and thier personal ones) all this time w hilethey were lying to the public in interviews? It's becoming a struggle to not become a hardened cynic inthese matters.Greed and gross incompetence seem to have become inextricably linked these days.

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Orion Bank Seized by Feds