Archive for February, 2012

Why We Don’t Post Interest Rates On Our Website… (And Other Thoughts)

Friday, February 17th, 2012

Banks.
Harborers of secrets…enablers of kings…golfing by 3, right?
No, no and well, no comment. Many people have questions about banks….their origins, their practices. Those dapper suits.

We watch the History Channel too, and we know all about the Knights Templar and how that clandestine outfit introduced modern banking as we know it. And don’t get us started on Freemasons and Ancient Aliens….(see our History of Banking post for more on that…)

We know that sometimes banks can seem clandestine themselves. A customer recently asked us "why we don’t post interest rates on our web site". Well, it's not to make things harder on our customers, we promise.

Let's face it. Banking is a customer service game as much as any, and our focus truly is on providing the best customer service in the industry. The reason we don’t post interest rates, for example, is simple — rates are subject to change and vary by geographic location.

When you have locations stretching from Arkansas to coastal Alabama and down to the Florida Keys, rates won't be the same. And they do tend to fluctuate. Rather than run the risk of providing a source of confusion, we simply ask our customers to call a toll-free number — wait, I have it right here…1-888-372-9788 — and find out specifics about rates in your area. Or ask us anything else (you know, best local courses to play on Friday afternoons…wait, scratch that) — we're here to serve.

That may sound corny, but it's sincere. Now, just don't ask us to explain the Freemasons….
 

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Centennial Bank Announces Acquisition of Vision Bank Branch Locations

Thursday, February 16th, 2012

CONWAY, Ark. — Centennial Bank announced Thursday its acquisition of Vision Bank of Florida for a purchase price of $27.9 million.

Centennial, a wholly-owned subsidiary of Conway's Home BancShares, Inc. (NASDAQ GS:  HOMB), purchased all 17 banking locations operated by Vision, a Florida state-chartered bank and a wholly owned subsidiary of the publicly traded Park National Corporation (“Park”). As part of the deal, originated on Nov. 16, 2011, Centennial purchased loans with an unpaid principal balance of $354 million and assumed deposit liabilities of $520 million from Vision.

At the time of the acquisition, Vision operated a total of 17 banking locations in Gulf Coast communities of Baldwin County, Ala., and the Florida Panhandle, including its main office located in Panama City, Fla. The Vision branch locations were sold as “clean” bank branches. As such, Centennial purchased only the performing loans and other related assets of Vision, while Park retained Vision’s non-accrual loans, including all loans past due 90 days or more. All deposits and the related other liabilities were assumed by Centennial.

Download the full press release here…

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CENTENNIAL BANK TOP 100 REASONS

#21 - As a customer, I have FREE use of their change machine to turn my coins into cash--Fast!.
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NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.


The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

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