Friday, May 06, 2011

Bank Failure #40 in 2011: Coastal Bank, Cocoa Beach, Florida

by Calculated Risk on 5/06/2011 06:12:00 PM

Florida Bankers
Dreaming of lamps and Genie's
To wish trouble gone

by Soylent Green is People

From the FDIC: Premier American Bank, National Association, Miami, Florida, Assumes All of the Deposits of Coastal Bank, Cocoa Beach, Florida
As of March 31, 2011, Coastal Bank had approximately $129.4 million in total assets and $123.9 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.4 million. ... Coastal Bank is the 40th FDIC-insured institution to fail in the nation this year, and the fifth in Florida.
It is Friday!