County commissioners were assured this week that the money the county had at Apalachicola State Bank remains safe even after the bank was shut down by federal regulators.
Coastal Community Bank, the parent company of Apalachicola State Bank was shut down last week by the Florida Office of Financial Regulation and its assets were taken over by Centennial Bank out of Conway, Arkansas.
Clerk of the Court Marcia Johnson told the county commission that all of its deposits at the bank remain secure as all of the deposits are insured by the FDIC.
Commissioner Cheryl Sanders called the closing of the bank a sad thing.
Apalachicola State Bank had served Franklin County since 1897 and she said you really don’t expect banks to be shut down in a small community like this.
But, she added, it just shows how bad the economy still is.
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