Who is Centennial Bank?
We are a customer focused bank providing a broad range of commercial, retail, and related financial services to businesses, real estate developers, investors, individuals and municipalities. We are located throughout the Florida Keys, Southwest and Central Florida and Arkansas.
Why did the FDIC take over Coastal Community Bank?
Due to concerns about the viability of the organization, the Florida Office of Financial Regulation closed Coastal Community Bank and the FDIC was appointed receiver. Centennial Bank was chosen by the FDIC to assume deposits and acquire certain assets of the bank based on our track record of strength, profitability and stability.
Why did Centennial Bank pursue this transaction?
Centennial Bank has been growing in Florida and Arkansas and is interested in continued expansion. We believe Coastal Community Bank has an excellent deposit base, strong employee talent and an attractive, convenient branch network.
What are Centennial Bank management’s plans for employees?
As the combined organization develops, Centennial Bank intends to identify capable, motivated individuals that can assist with the growth of the new organization.
What are Centennial Bank management’s plans for customers?
Centennial Bank is committed to our new customers, who can look forward to exceptional convenience, value and customer service. Centennial Bank has developed an aggressive retention plan that involves reaching out to customers and responding to customer concerns with our message of strength and success.
How will this acquisition impact me?
At this time it is business as usual. Continue to conduct your banking exactly as you have in the past. Continue using your checks, ATM and debit cards, direct deposits, bill pay, auto debits, wire transfers and online banking. Any changes that may occur will be communicated to you well in advance.
Is my money safe?
Yes! Your deposits with Centennial Bank are safe, sound and readily accessible. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts have been transferred to Centennial Bank, regardless of the amount. Not only are your deposits safe at Centennial Bank, but they also will continue to be insured by the FDIC up to the maximum legal limit. Please visit www.fdic.gov for additional information regarding FDIC insurance.
Do I need to do anything about my account(s)?
You do not need to do anything at this time. You can continue accessing your money just as you’ve done in the past. Checks drawn on the bank will continue to be accepted. Loan customers should also continue to make their payments as usual.
How will this affect my account(s) and the way I do my banking?
The transition will not affect your account(s) or the way you have always done your banking. Centennial Bank brings a long-standing tradition of local service and convenience to community banking and over time we will communicate specific information about any changes or added features to your accounts.
Will my account number change?
All account numbers will remain the same at this time. We will communicate with you well in advance with specific information about any changes or added features to your accounts.
Can I continue to use my ATM/debit cards and checks?
You can continue to access your money by writing checks, using ATM / debit cards or the Internet. Checks drawn on the bank will continue to be accepted.
What about my direct deposits/Social Security?
Your current arrangement for direct deposit, including Social Security checks will continue as normal without interruption.
What about my online banking access? Can I continue to pay bills online?
Yes. Please continue to access your online banking and bill paying service through the bank’s website. We will provide assistance and advance notice of any changes to your online account access.
Can I still bank at my branch bank?
Yes. You’ll find your friendly bankers there to continue to serve your needs.
Will the hours remain the same?
At this time our hours of operation will remain the same. We will notify you well in advance with any changes in hours.
What if I make my deposit through Remote Deposit Capture? Can I continue to use my scanner?
Yes, please continue to use your scanner as normal. Your deposits will be accepted and processed.
Will there be changes to my CD or IRA?
You will continue to receive your interest payments as you have in the past. As a deposit customer you will receive a letter from Centennial Bank soon with an enclosure titled “Notice of Changes to Interest Bearing Accounts”. Please read the document carefully.
What if I already have other deposit accounts with Centennial Bank? How will that affect my FDIC insurance coverage?
The accounts transferred to Centennial Bank will be separately insured for at least six months after the merger. This grace period gives you the opportunity to restructure the accounts, if necessary. If you are a deposit customer you will receive additional information about your deposit accounts soon. Please read the letter and enclosed documents carefully and contact us with additional questions.
How do I claim my deposits?
There are several ways that you can claim your account(s). It is as easy as making a withdrawal or deposit or signing a “Deposit Claim Form”. As a deposit customer you will receive a letter soon which will include procedures for how to claim your deposits in a separate enclosure titled, “Notice to Depositors”. Please read the letter and enclosed documents carefully and contact us with additional questions.
What about my loans?
All loans that have been assumed by Centennial Bank will be unaffected. Your payment amount and due date are the same, so please continue to make payments as you have in the past. If your payment is automatically deducted from your account, it will continue. Please make your checks payable to Centennial Bank and send your payments to the same address you have always used.
What if I have a loan in process that had not closed or a line of credit not fully funded?
You should contact your loan officer for details about your loan.
Will I be able to access my safe deposit box?
You may continue to go to your local branch and access your safe deposit box as you have in the past.
Can funds be wired to me?
Yes. Wiring instructions will be the same as before.
Will my merchant services be affected?
You should have no interruption of merchant services. If there are changes you will be notified well in advance.
Will my automatic payments through online bill pay continue?
Any payments scheduled will continue as usual at this time.
What if a merchant questions my check?
Depositors or merchants can contact the bank or call the FDIC at 800-837-0215 to get any questions answered.
Can I continue using Cash Management the same way? Will this affect my business finances?
Please continue to manage your accounts as you normally would. Your activity will be processed as usual.