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Friday, January 22, 2010

Bank Failure #5 in 2010: Premier American Bank, Miami, Florida

by Calculated Risk on 1/22/2010 06:07:00 PM

Sunny Florida
Premier American Bank
Like Icarus, scorched

by Soylent Green is People

From the FDIC: Premier American Bank, Miami, Florida, National Association, Assumes All of the Deposits of Premier American Bank, Miami, Florida
Premier American Bank, Miami 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, a newly-chartered national institution, to assume all of the deposits of Premier American Bank. Premier American Bank, N.A. is a subsidiary of Bond Street Holdings, LLC, Naples, Florida.
As of September 30, 2009, Premier American Bank had approximately $350.9 million in total assets and $326.3 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $85 million.... Premier American Bank is the fifth FDIC-insured institution to fail in the nation this year, and the first in Florida. The last FDIC-insured institution closed in the state was Peoples First Community Bank, Panama City, on December 18, 2009.
There were 140 bank failures in 2009, 25 in 2008 and 3 in 2007, so that makes 171 for this cycle.