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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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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)
Submitted on Sat, 11/14/2009 - 9:11am
Another Naples based bank that used to be headquartered in the Keys.
Centennial Bank (/node/18511#comment-31285)
Submitted on Sat, 11/14/2009 - 6:42pm
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
9/16/2010 Orion Bank seized by feds | KeysNews
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8/8/2019 Orion Bank Seized by Feds
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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)
Submitted on Sat, 11/14/2009 - 8:30pm
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)
Submitted on Sat, 11/14/2009 - 8:23am
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)
Submitted on Sat, 11/14/2009 - 2:40am
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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