WASHINGTON (AP) – Regulators have shut down a Florida bank, bringing to five the number of bank failures so far in 2010, following 140 closures last year in the toughest economic environment since the Great Depression.
The Federal Deposit Insurance Corp. on Friday took over Premier American Bank, based in Miami, with $350.9 million in assets and $326.3 million in deposits. The FDIC set up a new bank with a national charter to assume the deposits and assets of the failed bank. The new bank, to be called Premier American Bank N.A., is owned by Bond Street Holdings, based in Naples, Fla.
Also, the FDIC and the new bank agreed to share losses on $300 million of Premier American’s loans and other assets.