Bank Failure
Oceanmark Bank, a FSB
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Closed July 9, 1999 · North Miami Beach, FL · FDIC Cert #32491.
- Closing date
- July 9, 1999
- Headquarters
- North Miami Beach, FL
- FDIC Certificate
- 32491
- Total assets at closing
- $69.0M
- Total deposits at closing
- $61.3M
- Estimated loss to the insurance fund
- $1.2M
- Insurance fund
- Savings Association Insurance Fund (SAIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Third FS&LA of Florida
Context
On July 9, 1999, regulators closed Oceanmark Bank, a FSB, headquartered in North Miami Beach, FL. At closing, the institution held approximately $69.0M in assets and $61.3M in deposits. The FDIC record names Third FS&LA of Florida as the acquiring institution in the resolution. The estimated cost to the Savings Association Insurance Fund (SAIF) was approximately $1.2M.
By assets at closing this is the 1435th largest of the 3,526 bank failures in the FDIC record, and the 5th of 8 in 1999. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Oceanmark Bank, a FSB fail?
Oceanmark Bank, a FSB was closed by regulators on July 9, 1999.
Who acquired Oceanmark Bank, a FSB?
The FDIC record names Third FS&LA of Florida as the acquiring institution in the resolution of Oceanmark Bank, a FSB.
How big was Oceanmark Bank, a FSB when it failed?
Oceanmark Bank, a FSB had approximately $69.0M in total assets and $61.3M in deposits at the time of failure.
Other failures in 1999
| Date | Bank | Assets |
|---|---|---|
| Dec 10, 1999 | Golden City Commercial Bank | $87.2M |
| Nov 22, 1999 | Pacific Thrift and Loan Co | $127.3M |
| Sep 10, 1999 | Peoples NB of Commerce | $36.8M |
| Sep 1, 1999 | First NB of Keystone | $1.12B |
| Jul 9, 1999 | East Texas NB of Marshall | $121.6M |
| Apr 23, 1999 | Zia New Mexico Bank | $17.3M |
| Mar 26, 1999 | Victory State Bank | $13.2M |
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