Premier American Bank Acquires Third Failed Bank in Two Weeks

OTS regulated (unranked), Coastal Bank of Cocoa Beach, FL closed this week with approximately $129.4 million in total assets and $123.9 million in total deposits. Florida Community Bank, owned by Premier American Bank, N.A., Miami, FL agreed to assume nearly all of the assets and deposits of the failed bank. This is the third failed bank acquired by Premier American in the last two week. Premier itself was formed when a bank of the same name was shut down in Jan. of 2010 and now contains the assets of a total of five shuttered banks. The agreement included a $108.2 million loss-share transaction FDIC and Premier American. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.4 million.