FIs closed: Sunshine State Community Bank, Port Orange, Florida, USA
On Friday, 11 February, 2011, Sunshine State Community Bank, Port Orange, 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 Sunshine State Community Bank.
The five branches of Sunshine State Community Bank reopened during their normal business hours beginning Saturday as branches of Premier American Bank.
As of 31 December, 2010, Sunshine State Community Bank had approximately USD125.5 million in total assets and USD116.7 million in total deposits.
Premier American Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Sunshine State Community Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD30.0 million.
Sunshine State Community Bank is the fifteenth FDIC-insured institution to fail in the USA this year and the second in Florida.
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