Today, the Florida Office of Financial Regulation, Division of Financial Institutions closed Old Southern Bank, headquartered in Orlando, Florida, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Centennial Bank, headquartered in Conway, Arkansas, to assume all of the deposits of Old Southern Bank.

As of December 31, 2009, Old Southern Bank had approximately $315.6 million in total assets and $319.7 million in total deposits. Centennial Bank will pay the FDIC a premium of 1% to assume all of the deposits of Old Southern Bank and agreed to purchase essentially all of the failed bank's assets. The FDIC and Centennial Bank entered into a loss-share transaction on $282.7 million of Old Southern Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $94.6 million. Old Southern Bank is the29th FDIC-insured institution to fail in the nation this year, and the fourth in Florida.