Many of you remember the emergence of Coastal Community Bank a few years back, during the real estate boom that swept through the Panama City Beach area like a hurricane. Property values sky-rocketed and prosperity moved over the area like melted chocolate over a fresh red apple. People were doing great, and banks were cropping up all over the place. Not all of them would make it, even some of the ones that had been around for decades ended up faltering. Coastal Community was one of them, but they seem to have been acquired by a good suit.
Friday at 5:01 pm cst, Coastal Community Bank in Panama City Beach was taken over by the Federal Deposit Insurance Corp. (FDIC). All Coastal Community branches will be taken over and operated by Arkansas-based Centennial Bank. This seizure comes just more than 6 months after the area’s largest local bank, Peoples First, was taken over and redistributed by the FDIC.