FIs closed: Sterling Bank, Lantana, Florida, USA
On Friday, 23 July, 2010, Sterling Bank, Lantana, 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 IBERIABANK, Lafayette, Louisiana, USA to assume all of the deposits of Sterling Bank.
The six branches of Sterling Bank reopened on Monday as branches of IBERIABANK.
As of 31 March, 2010, Sterling Bank had approximately USD407.9 million in total assets andUSD372.4 million in total deposits.
IBERIABANK did not pay the FDIC a premium for the deposits of Sterling Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD45.5 million.
Sterling Bank is the 97th FDIC-insured institution to fail in the USA this year and the eighteenth in Florida.
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