A Trifecta Of Fail

At an FDIC cost of $126 million, three more banks boarded the failboat: Ocala National Bank, Suburban Federal Savings Bank and MagnetBank. Ocala was scooped up by Center State Bank, Suburban was taken over by Bank of Essex and FDIC could not find a buyer for Magnet Bank (mainly because Magnet was a complete and total joke of a bank to begin with).