Old Southern Bank Orlando closed, branches will reopen as Centennial Bank

The FDIC has reported that the Old Southern Bank Orlando was closed on Friday March 12th. The 7 bank branches are scheduled to reopen on Monday as Centennial Bank. An agreement has been reached with Centennial Bank out of Conway, Arkansas, to assume all of the deposits of Old Southern Bank.

The FDIC press wants Old Southern Bank customers to know that:

• Their deposits will continue to be insured by the FDIC
• Customers of Old Southern Bank can continue to access their money by writing checks or using ATM or debit cards
• Customers should continue to make loan payments

The Orlando Sentinel reports that this is the first Orlando based bank to close in nearly 20 years.

Related Florida real estate blog posts on banks

Save my home from foreclosure

The FDIC recently launched a new set of tools designed to help home owners from losing their home to foreclosure or fall victim to scams that seek to take advantage of them while they are in financial turmoil.

One of the initial messages the FDIC would like to get out is that you are not alone. As a real estate agent in the Orlando-Kissimmee Florida area I can tell you for a fact this is the truth. What has happened to the economy over the past couple of years hurt innocent home owners like yourself.

The good news is that there may be help for you. The key to this help is in communicating. Communicating with your lender or loan services. I realize for many this is a hard call to make initially but if it helps prevent you from losing your home, isn't it a call you should make?

Ask about modifying your loan. Many lenders and services are working with distressed home owners with the goal of keeping them in their homes. Be persistent, follow up and make sure you provide the modification department all of the documents they need in a timely manner.

You can find more information about saving your home by visiting:

• Hope Now
• Making Home Affordable

Bradenton, Florida bank closed. First Priority Bank

In an FDIC press release it was announced that the Florida bank, First Priority was closed today today by the Commissioner of the Florida Office of Financial Regulation.

The 6 branches will open on Monday as branches of SunTrust Bank.

Here is the complete press release.


Related Florida real estate views:

FDIC – Home ownership declines with income levels

FDIC Chairman, Sheila C. Bair sees no end to housing woes

FDIC offers suggestions to obtain the best mortgage terms


- Greg Staker - Watson Realty Corp. - 407-304-0255

FDIC – Home ownership declines with income levels

FDIC in a press released announced that it would sponsor an upcoming forum centered on mortgage lending for low and moderate-income households.

The release mentioned a Census Bureau report that shows that 68% of Americans now own a home however this number decreases as income levels decrease. The drop is 51% for those who earn less than the median income level to a significantly lower 41% for those at the bottom of the wage earners in the country.

The FDIC believes that the current mortgage mess will only increase the percent of homeowners who will not be able to purchase a home.

The forum will be held in Virginia on July 8th. For more information here is the complete press release.


Related Florida real estate views:

FDIC Chairman, Sheila C. Bair sees no end to housing woes

FDIC offers suggestions to obtain the best mortgage terms


- Greg Staker Watson Realty Corp. 407-304-0255