FIs Closed: First Commercial Bank of Tampa Bay, Tampa, Florida, USA
On Friday, 17 June, 2011, First Commercial Bank of Tampa Bay, Tampa, FL was closed by the Florida Office of Financial Regulation and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of First Commercial Bank of Tampa Bay.
The two branches of First Commercial Bank of Tampa Bay will reopen today (Monday) as branches of Stonegate Bank. Depositors of First Commercial Bank of Tampa Bay will automatically become depositors of Stonegate Bank.
As of 31 March, 2011, First Commercial Bank of Tampa Bay had approximately USD98.6 million in total assets and USD92.6 million in total deposits.
Stonegate Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of First Commercial Bank of Tampa Bay.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD28.5 million.
First Commercial Bank of Tampa Bay is the 47th FDIC-insured institution to fail in the USA this year and the sixth in Florida.
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