Orion Bank, Naples, Florida, was closed Friday by the Florida Office of Financial Regulation.

The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver.

The bank had 23 branches located through Florida. Aside from Naples, Orion Bank operated in Key West, Palm Beach Gardens, West Palm Beach, Boca Raton, Islamorada, Marathon, Marco Island, Fort Myers, Sarasota, and Bradenton.

To protect depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Orion Bank.

The 23 branches of Orion Bank will reopen during normal business hours as branches of IBERIABANK. Depositors of Orion Bank will automatically become depositors of IBERIABANK. "Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage," the FDIC said in a statement issued late Friday night. "Customers should continue to use their existing branches until IBERIABANK can fully integrate the deposit records of Orion Bank."

"This evening and over the weekend, depositors of Orion Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual," the FDIC statement said.

As of October 31, 2009, Orion Bank had total assets of $2.7 billion and total deposits of approximately $2.1 billion. The FDIC accepted a 1.5 percent discount from IBERIABANK on the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $2.4 billion of the failed bank's assets. The FDIC retained the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615 million.