FIs closed: Premier Community Bank of the Emerald Coast, Crestview, Florida, USA
On Friday, December 16, 2011, Premier Community Bank of the Emerald Coast, Crestview, 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 Summit Bank, National Association, Panama City, Florida, to assume all of the deposits of Premier Community Bank of the Emerald Coast.
The two branches of Premier Community Bank of the Emerald Coast have re-opened as branches of Premier Community Bank, a division of Summit Bank, National Association.
As of 30 September, 2011, Premier Community Bank of the Emerald Coast had approximately USD126.0 million in total assets and USD112.1 million in total deposits.
In addition to assuming all of the deposits of the failed bank, Summit Bank, National Association agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD31.2 million.
Premier Community Bank of the Emerald Coast is the 91st FDIC-insured institution to fail in the USA this year and the thirteenth in Florida.
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