FIs closed: Cortez Community Bank, Brooksville, Florida, USA
On Friday, 29 April, 2011, Cortez Community Bank, Brooksville, Florida, USA was closed by the Florida Office of Financial Regulation and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
Premier American Bank, National Association, Miami, Florida, acquired the banking operations, including all the deposits, of the Florida-based banks.
The branches of the closed bank will reopen on Monday as branches of Florida Community Bank, a division of Premier American Bank, N.A.
As of 31 December, 2010, Cortez Community Bank had total assets of USD70.9 million and total deposits of USD61.4 million.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Cortez Community Bank will be USD18.6 million.
Cortez Community Bank is the 36th bank to fail in the USA this year.
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