FDIC Friday - 04-29-2011 - Five Banks Fail!

[Copper Catcher]

First National Bank of Central Florida, Winter Park, FL
Cortez Community Bank, Brooksville, FL

As of December 31, 2010, First National Bank of Central Florida had total assets of $352.0 million and total deposits of $312.1 million; and Cortez Community Bank had total assets of $70.9 million and total deposits of $61.4 million. Besides assuming all the deposits from the two Florida banks, Florida Community Bank will purchase essentially all of their assets.

The FDIC and Premier American Bank, N.A. entered into loss-share transactions on the failed banks' assets. The loss-share transaction for First National Bank of Central Florida was $270.0 million; and the loss-share transaction for Cortez Community Bank was $51.3 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for First National Bank of Central Florida will be $42.9 million; and for Cortez Community Bank, $18.6 million. Premier American Bank, N.A.'s acquisition of all the deposits of the two institutions was the "least costly" option for the DIF compared to all alternatives.

The closings are the 35th and 36th FDIC-insured institutions to fail in the nation so far this year and the third and fourth in Florida. Prior to today, the last bank closed in the state was Sunshine State Community Bank, Port Orange, on February 11, 2011.

First Choice Community Bank, Dallas
The Park Avenue Bank, Valdosta

Bank of the Ozarks, Little Rock, Arkansas, acquired the banking operations, including all the deposits, of two Georgia-based banks. To protect depositors, the Federal Deposit Insurance Corporation (FDIC) entered into purchase and assumption agreements with Bank of the Ozarks.

As of December 31, 2010, First Choice Community Bank had total assets of $308.5 million and total deposits of $310.0 million; and The Park Avenue Bank had total assets of $953.3 million and total deposits of $827.7 million. Besides assuming all the deposits from the two Georgia banks, Bank of the Ozarks will purchase essentially all of their assets.

The FDIC and Bank of the Ozarks entered into loss-share transactions on the failed banks' assets. The loss-share transaction for First Choice Community Bank was $260.7 million; and the loss-share transaction for The Park Avenue Bank was $514.1 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for First Choice Community Bank will be $92.4 million; and for The Park Avenue Bank, $306.1 million.
The closings are the 37th and 38th FDIC-insured institutions to fail in the nation so far this year and the ninth and tenth in Georgia. Prior to today, the last bank closed in the state was New Horizons Bank, East Ellijay, on April 15, 2011.

Talmer Bank & Trust, Troy, Michigan

As of December 31, 2010, Community Central Bank had approximately $476.3 million in total assets and $385.4 million in total deposits. Talmer Bank & Trust will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Community Central Bank. In addition to assuming all of the deposits of the failed bank, Talmer Bank & Trust agreed to purchase essentially all of the assets.

The FDIC and Talmer Bank & Trust entered into a loss-share transaction on $362.4 million of Community Central Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $183.2 million. Compared to other alternatives, Talmer Bank & Trust's acquisition was the least costly resolution for the FDIC's DIF. Community Central Bank is the 39th FDIC-insured institution to fail in the nation this year, and the second in Michigan. The last FDIC-insured institution closed in the state was Peoples State Bank, Hamtramck, on February 11, 2011.