FDIC announces bank failures in Florida, Georgia

* Florida Community Bank acquired by Premier American Bank

* First National Bank of Georgia by Community & Southern

LOS ANGELES, Jan 29 (BestGrowthStock) – Two more U.S. banks were
seized on Friday as regulators continue to close the doors of
banks struggling to cope with fallout from the financial
crisis.

The Federal Deposit Insurance Corp (FDIC) said that Florida
Community Bank in Immokalee and First National Bank of Georgia
in Carrollton had failed, bringing to 11 this year’s bank
failures.

The FDIC expects 2010 to be the peak year for bank failures
as a result of the financial crisis. Last year, 140 banks
failed, compared to 25 in 2008 and three in 2007.

Florida Community Bank will be taken over by Premier
American Bank, N.A., but will continue doing business under its
old name. The bank’s branches are due to open on Saturday.

As of Sept. 30, 2009, Florida Community Bank had $875.5
million in total assets and $795.5 million in total deposits.

Premier, which was acquired on Jan. 22 by Naples,
Florida-based Bond Street Llc, will pay the FDIC a premium of
0.4 percent to assume all deposits of Florida Community Bank
and will buy $499 million of the failed bank’s assets.

The 11 branches of First National Bank of Georgia will
reopen on Saturday as Community & Southern Bank branches. As of
Sept. 30, 2009, First National had $832.6 million in total
assets and $757.9 million in total deposits.

Community & Southern Bank will pay FDIC a premium of 1.25
percent to assume all of the deposits of First National and
will purchase essentially all of its assets.

U.S. regulators have said the banking industry (Read more about the banking industry recovery.)’s recovery
will lag the overall economy.

The FDIC has said it expects the total bill for bank
failures to reach $100 billion for the period of 2009 through
2013.
(Reporting by Gina Keating)

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FDIC announces bank failures in Florida, Georgia