Omni National Bank, in Atlanta, Georgia, was closed on Friday by the Office of the Comptroller of the Currency (OCC). Omni National is the 21st bank to fail this year and the fourth to go under in Georgia. The last bank failure in Georgia was FirstCity Bank in Stockbridge on March 20, 2009.
SunTrust Bank, also in Atlanta, Georgia, agreed to act as paying agent for the insured deposits of Omni National Bank, meaning that SunTrust will operate the six former branches of Omni National on behalf of the FDIC, until April 27, 2009. Omni National had branches in Atlanta, Georgia; Dalton, Georgia; Tampa, Florida; Chicago, Illinois, Dallas, Texas; and Houston, Texas.

The FDIC said that all insured depositors of Omni National had until April 27th to transfer their accounts to other banks. At that time, all of the former Omni National branches will be closed.
The FDIC said it entered into the temporary operational agreement with SunTrust to avoid the inconvenience and disruption to customers. The arrangement allows for uninterrupted automated services (such as direct deposits and auto payments) through April 27, while giving Omni National customers time to find another institution with which to do business.
As of March 9, 2009, Omni National Bank had total assets of $956 million and total deposits of $796.8 million. At the time of closing, there were approximately $2 million in uninsured deposits that potentially exceeded the insurance limits.
The FDIC said it will retain all the failed bank’s assets for later disposition except for cash, correspondent accounts, and loans fully secured by deposits. The cost to the FDIC’s Deposit Insurance Fund for the seizure of Omni National is estimated to be $290 million.