Florida Community Bank was the 11th FDIC-insured institution to fail in the nation this year, and the second in Florida. Florida Community Bank was closed by the State of Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) on Friday, January 29, 2010.

The 11 branches of Florida Community Bank reopened as branches of Premier American Bank, N.A., but under the name Florida Community Bank.

Premier American Bank, N.A. agreed to pay the FDIC a premium of 0.4 percent to assume the deposits of Florida Community Bank, which had approximately $875.5 million in total assets and $795.5 million in total deposits. The amount of the loss-share transaction between the FDIC and Premier American Bank, N.A., is pegged at approximately $305.4 million.

Florida Community Bank of Immokalee, Florida Fails

BankProspector shows that Florida Community Bank became heavily burdened by construction loans, to the point that more than 50% of their portfolio was noncurrent. OREO levels across construction and commercial loan types had past levels of $75 million.