OCC News: OCC Appoints Receiver for Community National Bank of Sarasota County


		NR 2009-93

	FOR IMMEDIATE RELEASE August 7, 2009	Contact: Kevin M. Mukri (202) 874-5770

	OCC Appoints Receiver for Community National Bank of Sarasota County WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation ( FDIC) as receiver for Community National Bank of Sarasota County, Venice, Florida. As of June 30, 2009, the bank had approximately $92 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, 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. # # #

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The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving the banking needs of their customers in the best possible manner. OCC press releases and other information are available at http://www.occ.gov. To receive OCC press releases and issuances by email, subscribe at http://www.occ.gov/listserv.htm.