FIs Closed: Southshore Community Bank, Apollo Beach, and LandMark Bank of Florida, Sarasota. Florida, USA
On Friday, 22 July, 2011, Southshore Community Bank, Apollo Beach, and LandMark Bank of Florida, Sarasota, Florida, USA were closed by the Florida Office of Financial Regulation and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
American Momentum Bank, Tampa, Florida, acquired the banking operations, including all the deposits, of Southshore Community Bank, Apollo Beach, Florida, and LandMark Bank of Florida, Sarasota. The two banks were closed on 22 July 2011 by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
Southshore Community Bank had two branches and LandMark Bank of Florida had six branches. All eight branches of the two closed banks reopened during normal business hours beginning Saturday as branches of American Momentum Bank.
As of 31 March, 2011, Southshore Community Bank had approximately USD46.3 million in total assets and USD45.3 million in total deposits and LandMark Bank of Florida had total assets of USd275.0 million and total deposits of USD246.7 million.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Southshore Community Bank will be USD8.3 million and for LandMark Bank of Florida, USD$34.4 million.
The two banks are the 56th and 57th FDIC-insured institutions to fail in the USA so far this year and the eighth and ninth in Florida.
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