FDIC Friday - May 6th, 2011- Another one bites the dust!
Posted: Sat May 07, 2011 12:06 pmCoastal Bank, Cocoa Beach, FL
As of March 31, 2011, Coastal Bank had approximately $129.4 million in total assets and $123.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Premier American Bank, N.A. agreed to purchase essentially all of the assets.
The FDIC and Premier American Bank, N.A. entered into a loss-share transaction on $108.2 million of Coastal Bank's assets. Premier American Bank, N.A. will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.4 million. Compared to other alternatives, Premier American Bank, N.A.'s acquisition was the least costly resolution for the FDIC's DIF. Coastal Bank is the 40th FDIC-insured institution to fail in the nation this year, and the fifth in Florida. The last FDIC-insured institution closed in the state was Cortez Community Bank, Brooksville, on April 29, 2011.
As of March 31, 2011, Coastal Bank had approximately $129.4 million in total assets and $123.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Premier American Bank, N.A. agreed to purchase essentially all of the assets.
The FDIC and Premier American Bank, N.A. entered into a loss-share transaction on $108.2 million of Coastal Bank's assets. Premier American Bank, N.A. will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.4 million. Compared to other alternatives, Premier American Bank, N.A.'s acquisition was the least costly resolution for the FDIC's DIF. Coastal Bank is the 40th FDIC-insured institution to fail in the nation this year, and the fifth in Florida. The last FDIC-insured institution closed in the state was Cortez Community Bank, Brooksville, on April 29, 2011.