Hillcrest Bank Florida

October 23, 2009

According to the FDIC Press Release:

Hillcrest Bank Florida, Naples, 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 Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Hillcrest Bank Florida.

The six branches of Hillcrest Bank Florida will reopen on Monday as branches of Stonegate Bank. Depositors of Hillcrest Bank Florida will automatically become depositors of Stonegate Bank. 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 branches until Stonegate Bank can fully integrate the deposit records of Hillcrest Bank Florida.

This evening and over the weekend, depositors of Hillcrest Bank Florida 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 October 1, 2009 , Hillcrest Bank Florida had total assets of $83 million and total deposits of approximately $84 million. Stonegate Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Hillcrest Bank Florida. In addition to assuming all of the deposits of the failed bank, Stonegate Bank agreed to purchase $28 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.

Technorati Tags: Bank Failure, Hillcrest Bank Florida

Comments

• Tags

  American United Bank Arizona AZ bank failu Bank Failure Bank Failures Bank of Elmwood BB&T CA California CapitalSouth Bank Carrollton Colonial Bank eBank Failed Banks First Cowetta Bank FL Flagship National Bank Florida GA Georgia Guaranty Bank Hillcrest Bank Florida IL Illinois Los Angeles MI Michigan Minnesota Missouri MN MO New York NY Partners Bank Phoenix Problem Bank List Racine San Francisco Texas UT Utah WA Washington Wisconsin