Florida Community Bank
January 30, 2010
The Florida Community Bank of Immokalee, Florida failed on January 29, 2010 according to this FDIC Press Release:
Florida Community Bank, Immokalee, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of Florida Community Bank.
The 11 branches of Florida Community Bank will reopen during normal business hours as branches of Premier American Bank, N.A., but will continue to conduct business under the name Florida Community Bank. Depositors of Florida Community Bank will automatically become depositors of Premier American Bank, N.A. 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. Customers should continue to use their existing branch until they receive notice from Premier American Bank, N.A. that it has completed systems changes to allow other Premier American Bank, N.A. branches to process their accounts as well.
This evening and over the weekend, depositors of Florida Community 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.
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.