Signs of trouble first arose in August 2009 when the Florida Office of Financial Regulation issued a cease and desist order to Wakulla Bank citing "unsafe and unsound" practices. A deadline was set to correct the problems, but the issues were apparently not resolved to the state’s satisfaction, leading to the closure on Friday.

According to a press release from the Federal Deposit Insurance Corporation (FDIC), to protect the depositors, the FDIC entered into a purchase and assumption agreement with Centennial Bank of Conway, Arkansas, to assume all of the deposits of Wakulla Bank.

read it here