SunTrust Banks has agreed to assist the Federal Deposit Insurance Corporation as it works through the closing of Omni National Bank, headquartered in Atlanta.
Specifically, SunTrust has received from the Federal Deposit Insurance Corporation (FDIC) approximately $400m in FDIC-insured deposits of Omni National Bank of Atlanta.
Earlier it was reported that the Office of the Comptroller of the Currency in the US has closed Omni National Bank and has appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC has entered into an agreement with SunTrust Bank, to act as paying agent for the insured deposits of Omni National Bank.
SunTrust will provide banking services to former Omni National Bank customers, including staffing Omni Bank’s six branches for a four-week transition period after which the branches will be closed.
William Rogers, Jr., president of SunTrust Banks, said: We are pleased to be in a position to support the FDIC in its effort to resolve a problematic situation. This announcement broadly reflects our interest in helping stabilise our industry. In addition, it underscores our commitment to the Florida and Georgia markets in which we operate.
We certainly look forward to establishing relationships with former Omni Bank clients in Tampa, Atlanta and Dalton, and we are pleased to offer our assistance to former Omni Bank clients in Texas and Illinois as they transition their banking relationships to new institutions.
