OCC Appoints FDIC Receiver for Omni National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Omni National Bank, Atlanta, Georgia. Omni National Bank had six full service branches located in Atlanta and Dalton, Georgia, Chicago, Illinois, Tampa, Florida, and Houston and Dallas, Texas, and two loan production offices in Birmingham, Alabama, and Philadelphia, Pennsylvania. The bank, with approximately $980 million in assets at December 31, 2008, was established in 2000.

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 has incurred losses that have depleted most of its capital, 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.