Florida Community Bank in Immokalee, Florida, was closed down yesterday, January 29th, by the Florida Office of Financial Regulation. As receiver, the Federal Deposit Insurance Corporation (FDIC), entered into an agreement with Premier American Bank, N.A. of Miami, to assume all of the deposits of Florida Community Bank.
As of September 30, 2009, Florida Community Bank had approximately $875.5 million in total assets and $795.5 million in total deposits. Premier American Bank, N.A. will pay the FDIC a premium of 0.4 percent to assume all of the deposits of Florida Community Bank. In addition to assuming all of the deposits of the failed bank, Premier American Bank, N.A. agreed to purchase approximately $499.1 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
Florida Community Bank is the second bank in Florida to go under in 2010.
Last week, Premier American Bank, Miami, Florida was shuttered and the FDIC entered in an agreement with Premier American, National Association, Miami, Florida to assume the deposits of Premier American Bank. Premier American Bank had approximately $350.9 million in total assets and $326.3 million in total deposits, at the end of September 20, 2009.
Nationwide, a total of 15 banks have been closed down so far in 2010, with six, including Florida Community Bank shuttered on Friday, January 29th. This comes on top of some 140 banks that went under in a brutal economic environment in 2009.
The five remaining banks that closed on Friday, January 29th were:
- American Marine Bank, Bainbridge Island, Washington assumed by Columbia State Bank, Tacoma, Washington.
- First Regional Bank, Los Angeles, California, assumed by First-Citizens Bank & Trust Company, Raleigh, North Carolina.
- Marshall Bank, N.A.Hallock, Minnesota, assumed by United Valley Bank, Cavalier, North Dakota.
- Community Bank and Trust, Cornelia, Georgia, assumed by SCBT, N.A., Orangeburg, South Carolina.
- First National Bank of Georgia, Carrollton, Georgia, assumed by Community & Southern Bank, Carrollton, Georgia.
