Premier American Bank Acquires Two More Failed InstitutionsThe Office of the Comptroller of the Currency closed First National Bank of Central Florida of Winter Park, Fla. State regulators shut down Cortez Community Bank of Brooksville, Fla. The Federal Deposit Insurance Corp. was appointed receiver and sold both failed institutions to Premier American Bank, NA of Miami, Fla. First National Bank of Florida had $352 million in total assets and $312.1 million in deposits as of Dec. 31, while Cortez Community Bank had $70.9 million in total assets and $61.4 million in deposits. The FDIC agreed to cover 80% of losses on $270 million in assets that Premier American Bank acquired from First National Bank of Florida, and $51.3 million in assets acquired from Cortez Community Bank. The failed banks' eight branches were set to reopen Monday as Premier American branches. The FDIC estimated that First National Bank of Florida's failure would cost the deposit insurance fund $42.9 million, while Cortez Community Bank's failure would cost $18.6 million. Premier American's most recent previous acquisition of a failed bank was Sunshine State Community Bank in February.
Bank of the Ozarks Buys Picks Up Two MoreState regulators closed First Choice Community Bank of Dallas, Ga., and The Park Avenue Bank of Valdosta, Ga. The FDIC was appointed receiver and sold both failed banks to Bank of the Ozarks ( OZRK). First Choice Community Bank had $308.5 million in total assets and $310 million in deposits; and The Park Avenue Bank had $953.3 million in assets and $827.7 million in deposits, as of Dec. 31. The FDIC agreed to cover 80% of losses on $260.7 million in assets acquired by Bank of the Ozarks acquired from First Choice Community Bank, and $514.1 million in assets acquired from The Park Avenue Bank. All 19 branches of the failed banks were scheduled to reopen Saturday as Bank of the Ozarks branches. The FDIC estimated the failure of First Choice Community would cost the deposit insurance fund $92.4 million, while the failure of The Park Avenue Bank would cost the fund $306.1 million.
Community Central BankThe Michigan Office of Financial and Insurance Regulation took over Community Central Bank of Mount Clemens, Mich., which had $476.3 million in total assets and $385.4 million in deposits as of Dec. 31. The FDIC was appointed receiver and sold the failed institutions to Talmer Bank & Trust of Troy, Mich. The acquiring bank paid the FDIC a 0.25% premium for the deposits. The FDIC agreed to cover 80% of losses on $362.4 million in assets acquired by Talmer Bank & Trust and estimated that Community Central Bank's failure would cost the deposit insurance fund $183.2 million. Community Central Bank's four offices were scheduled to reopen Saturday as Talmer Bank branches.
Thorough Bank Failure CoverageAll bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map: The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. To submit a news tip, send an email to: firstname.lastname@example.org.