Five banks, including two in Georgia and two in Florida, were closed Friday. The closing of Mount Celmens, Mich.-based Community Central Bank is estimated to have the biggest impact of the five on the Federal Deposit Insurance Corp.'s (FDIC) Deposit Insurance Fund (DIF), and is expected to cost about $183.2 million.
The bank was closed by the Michigan Office of Financial and Insurance Regulation, and the FDIC entered into a purchase-and-assumption agreement with Troy, Mich.-based Talmer Bank & Trust, in Troy, Michigan, formerly known as First Michigan Bank, to assume the deposits and essentially all of the assets. The FDIC and Talmer B&T entered into a loss-share transaction on $362.4 million of the failed bank's assets, which were estimated at $476.3 million at the end of last year.
Little Rock, Ark.-headquartered The Bank of the Ozarks acquired the banking operations of First Choice Community Bank and The Park Avenue Bank, which were closed by the Georgia Department of Banking and Finance. The Bank of the Ozarks entered into loss-share agreements with the FDIC on both transactions. First Choice Community Bank's closing is expected to cost the DIF $92.4 million, and Park Avenue Bank's closing is estimated to cost the fund $306.1 million.
Miami-based Premier American Bank NA has purchased the banking operations of First National Bank of Central Florida and Cortez Community Bank. Loss-share agreements were entered into on each deal. The estimated cost of First National Bank of Central Florida's closing is $42.9 million, and Cortez Community Bank's is $18.6 million.
