OCC Appoints Receiver for Flagship National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Flagship National Bank, Bradenton, Florida. As of June 30, 2009, the bank had approximately $194 million of total assets.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank incurred losses that depleted its capital, the bank is critically undercapitalized, and there is no reasonable prospect that the bank will become adequately capitalized without Federal assistance.

The FDIC will release information about the resolution of the bank.