Century Bank, a Federal Savings Bank, in Sarasota, Florida, was closed Friday by the Office of Thrift Supervision.

The Federal Deposit Insurance Corporation (FDIC) was appointed receiver.

To protect depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Century Bank.

The eleven branches of the 25-year-old Century Bank, FSB will reopen during normal business hours as branches of IBERIABANK. Depositors of Century Bank, FSB will automatically become depositors of IBERIABANK. Deposits will continue to be insured by the FDIC. Customers should continue to use their existing branches until IBERIABANK can fully integrate the deposit records of Century Bank, FSB, the FDIC said in a statement late Friday.

"This evening and over the weekend, depositors of Century Bank, FSB can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual," the FDIC statement said.

As of October 31, 2009, Century Bank, FSB had total assets of $728 million and total deposits of approximately $631 million. The FDIC accepted a 1.50% discount on the deposits of the failed bank from IBERIABANK. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $706 million of the failed bank's assets. The FDIC retained the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $344 million.

Sarasota was particularly hard hit by the closure Friday, as on the same day regulators similarly closed and disposed of Orion Bank, which was headquartered in Naples, but had a branch in Sarasota. It too will reopen as a branch of IBERIABANK.