FDIC Friday July 22, 2011 - More failed banks!

[Copper Catcher]

American Momentum Bank, Tampa, Florida, acquired the banking operations, including all the deposits, of Southshore Community Bank, Apollo Beach, Florida, and LandMark Bank of Florida, Sarasota.

As of March 31, 2011, Southshore Community Bank had approximately $46.3 million in total assets and $45.3 million in total deposits; and LandMark Bank of Florida had total assets of $275.0 million and total deposits of $246.7 million. In addition to assuming all of the deposits of the two Florida banks, American Momentum Bank agreed to purchase essentially all of their assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Southshore Community Bank will be $8.3 million and for LandMark Bank of Florida, $34.4 million. Compared to other alternatives, American Momentum Bank's acquisition of the two institutions was the least costly resolution for the FDIC's DIF.

The closings are the 56th and 57th FDIC-insured institutions to fail in the nation so far this year and the eighth and ninth in Florida. The last FDIC-insured institution closed in the state was First Peoples Bank, Port Saint Lucie, on July 15, 2011.


Bank of Choice, Greeley, Colorado, was closed today by the Colorado Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank Midwest, National Association, Kansas City, Missouri, to assume all of the deposits of Bank of Choice.

As of March 31, 2011, Bank of Choice had approximately $1.07 billion in total assets and $924.9 million in total deposits. In addition to assuming all of the deposits, Bank Midwest, N.A. agreed to purchase approximately $853.0 million of the failed bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $213.6 million. Compared to other alternatives, Bank Midwest, N.A.'s acquisition was the least costly resolution for the FDIC's DIF. Bank of Choice is the 58th FDIC-insured institution to fail in the nation this year, and the fifth in Colorado. The last FDIC-insured institution closed in the state was Signature Bank, Windsor, on July 8, 2011.

[GTOJohn]

it's scary that this is really happening. troubled times are coming.