Another area bank group was taken over by the federal deposit insurance corporation at 5:00 PM Friday afternoon. Coastal Community Bank of Panama City Beach with 11 branches was seized by federal and state banking agencies. Also taken over was Bayside Savings Bank of Port St. Joe, which has two branches.

Centennial Bank of Conway, Arkansas has acquired the deposits of both Bayside and Coastal banks. Both banks will reopen Saturday or Monday, depending on their normal operating schedule.

Depositors of Coastal Community Bank and Bayside Savings Bank will automatically become depositors of Cennennital Bank so there is no need for customers to change their banking relationship according the state and federal regulators.

All deposits will continue to be fully insure by FDIC. Customers of the two failed institutions should continue to use their former branches. Over the weekend depositors can access their money by writing checks or using ATM’s or debit cards.

In April 2009 the F-D-I-C issued a cease-and-desist order to Coastal Community, saying the institution was under-capitalized. In April of this year, the F-D-I-C issued what's known as a prompt corrective action.

Federal and state officers moved in and took over both Coastal and Bayside at 5:01 local time this evening. They, along with the new owners, Centennial Bank, will be working all weekend to get the banks in shape for the new owners and their depositors