Regulatory Alerts2025-03-31 | Conditional Approval 1336Added
Conditional Approval 1336 — Winter Park National Bank Asset Change, Capital Reduction, and Merger
The Office of the Comptroller of the Currency conditionally approves Winter Park National Bank's applications to change its asset composition, reduce permanent capital by approximately $97 million through common stock repurchases, and merge into its wholly owned operating subsidiary, WPNB, Inc. The Bank must first complete a Purchase & Assumption transaction with DFCU Financial to transfer substantially all assets and liabilities, after which the FDIC will terminate its deposit insurance. The merger into WPNB is prohibited until all deposit accounts are closed and FDIC insurance is terminated, and must occur within seven calendar days of that termination or trigger a requirement to submit a wind-up plan. The approval automatically terminates if the transactions are not consummated within six months of the approval date.