FIs closed: Marco Community Bank, Marco Island, Florida, USA
On Friday, 19 February, 2010, Marco Community Bank, Marco Island, 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 Mutual of Omaha Bank, Omaha, Nebraska, to assume all of the deposits of Marco Community Bank.
The sole branch of Marco Community Bank reopened on Saturday as a branch of Mutual of Omaha Bank.
As of 31 December, 2009, Marco Community Bank had approximately USD119.6 million in total assets and USD117.1 million in total deposits.
Mutual of Omaha Bank will pay the FDIC a premium of 1.5 percent to assume all of the deposits of Marco Community Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD38.1 million.
Mutual of Omaha Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives.
Marco Community Bank is the 17th FDIC-insured institution to fail in the USA this year, and the third in Florida.
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