Garansi Bank Nasional Tallahassee - Tallahassee, FL Bank Gagal - Episode 336

**Freesia Brindisi** (0:01)
Good morning. Good morning. Thank you so much for joining me. This is the podcast, The Endurance of Labor Laws. I'm your lovely host, Freesia Brindisi. Today is episode 336, and we're going to take a look at another failed bank. But before we dive in, let me give a big shout out to my listeners because as usual, you guys are awesome. I love to see you here. So a big shout out to Pennsylvania, Illinois, British Columbia, New Jersey, Florida, Texas, New York, and Oklahoma. In terms of countries, Australia, Bangladesh, the Russian Federation, Brazil, the United Kingdom, Sweden, Singapore, and the United States. Okay. So again, we're going to take a look at another failed bank and today we're going to take a look at Guaranteed National Bank of Tallahassee. They were located in Tallahassee, Florida. The bank that acquired them is Hancock Bank of Florida. And the Guaranteed National Bank of Tallahassee failed March 12th, 2004 So when I went to their information about this bank failure, this one was very interesting. So it says on March 12th, 2004, Guaranteed National Bank of Tallahassee was closed by the office of the controller of the currency. The FDIC was named receiver. Hancock Bank of Florida of Tallahassee, Florida acquired all deposit accounts. The FDIC as receiver for Guaranteed National Bank of Tallahassee of Tallahassee, Florida has taken all actions necessary to terminate the receivership estate. The receiver published a legal notice of intent to terminate the receivership on January 26, 2018 and has made all dividend distributions required by law. And then this one's very interesting. It says effective April 1st, 2018, the receiver was discharged and the receivership estate was terminated and ceased existence as a legal entity. So this one, it took 14 years. I was very surprised by this and there were a couple of different things in terms of their notices of termination. It was very odd because usually when there is a lengthy termination, usually it's on a institution where another bank did not take them over. But this one was very odd. I just didn't think it looked right.
But in regards to about Hancock Bank of Florida, it says all deposit accounts were transferred to Hancock Bank of Florida of Tallahassee, Florida, which is the assuming institution. Former Guarantee National Bank of Tallahassee locations reopened as branches of Hancock Bank of Florida. Your transfer deposits were separately insured from any accounts you may have already had at Hancock Bank of Florida for at least six months after the failure of Guarantee National Bank of Tallahassee. You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter a new deposit agreement at Hancock Bank of Florida as long as the deposits are not pledged as collateral for loans. In terms of contacting Hancock Bank of Florida, it says on January 1st, 2010, Hancock Bank of Florida merged with Whitney Bank. Oh, that's why this is a problem. I was like, something doesn't look right with this. Okay, so they merged with Whitney Bank in January 1st, 2010 I was going to say December, but here's the thing. That merger took place way before January 1st, 2010 So that's why I was thinking December. It says you may contact Whitney Bank at their mailing address is 1 Hancock Plaza, Golfport, Mississippi 39501 So let me scroll down. There is a press release. So let me go to that.
Okay, so this was an immediate press release from the FDIC. So this was released March 12th, 2004 The immediate contact is a completely different person than the last two. It's Rosemary George, telephone number 202-898-6530.
The press release says FDIC approves the assumption of all the deposits of Guarantee National Bank of Tallahassee in Tallahassee, Florida. The Federal Deposit Insurance Corporation, also known as FDIC, has approved the assumption of all the deposits of Guarantee National Bank of Tallahassee, Florida.
Or sorry, excuse me, Guarantee National Bank of Tallahassee, located in Tallahassee, Florida by Hancock Bank of Florida, also located in Tallahassee, Florida, a newly chartered bank. Oh, wow. Okay. Now this is making more sense. Okay. Here's why a light bulb came on. Most of the time when I'm reading this stuff to you guys, I haven't read it before. So this is new for me as well. I just go out and find the data, scan it, but I don't really like dive into it deep. So what it says a newly chartered bank, basically what that means is that, let's say you have a bank that fails, it then goes into receivership to the FDIC. So when a bank fails, it goes under the umbrella of the FDIC. Sometimes the FDIC creates a newly chartered bank. So it's kind of like this bank. It's not in limbo, but it is.