Advertisement
Headlines
Calculated Risk | February 11 2011 6:09 EST
From the FDIC: Premier American Bank, National Association, Miami, Florida, Assumes All of the Deposits of Sunshine State Community Bank, Port Orange, Florida
As of December 31, 2010, Sunshine State Community Bank had approximately $125.5 million in total assets and $116.7 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.0 million. ... Sunshine State Community Bank is the fifteenth FDIC-insured institution to fail in the nation this year, and the second in Florida.From the FDIC: First Michigan Bank, Troy, Michigan, Assumes All of the Deposits of Peoples State Bank, Hamtramck, Michigan
As of December 31, 2010, Peoples State Bank had approximately $390.5 million in total assets and $389.9 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $87.4 million. ... Peoples State Bank is the sixteenth FDIC-insured institution to fail in the nation this year, and the first in Michigan.Also the FDIC announced the closing the temporary West Coast office.
The Board authorized the temporary office for an initial three-year term, with the option of extending it if workload supported such a move. Based on ongoing analysis and in recognition of the signs of the improving health of the banking industry in the western United States, the FDIC has determined that the current projected workload does not support continuing the temporary office beyond its initial three-year term. The official sunset date for the office will be January 13, 2012.
Company : Calculated Risk
Website : http://www.calculatedriskblog.com/
About :
Bill McBride (author since Jan 2005), A full time blogger, Mr. McBride retired as a senior executive from a small public company in the '90s. Mr. McBride holds an MBA from the University of California, Irvine, and has a background in management, finance and economics.