FIs closed: First Peoples Bank, Fort Lucie, Florida, USA
On Friday, 15 July, 2011, First Peoples Bank, Port Saint Lucie, Florida, USA 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 Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of First Peoples Bank.
The six branches of First Peoples Bank will reopen during their normal business hours beginning Saturday 16 July 2011 as branches of Premier American Bank.
As of 31 March, 2011, First Peoples Bank had approximately USD228.3 million in total assets and USD209.7 million in total deposits.
No premium was paid for the deposits
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD7.4 million.
First Peoples Bank is the 54th FDIC-insured institution to fail in the nation this year, and the seventh in Florida.
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