On Friday, the Florida Office of Financial Regulation closed Marco Community Bank, headquartered in Marco Island, Florida, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Mutual of Omaha Bank., headquartered in Omaha, Nebraska, to assume all of the deposits of Marco Community Bank.
As of December 31, 2009, Marco Community Bank had approximately $119.6 million in total assets and $117.1 million in total deposits. Mutual of Omaha Bank will pay the FDIC a premium of 1.5% to assume all of the deposits of Marco Community Bank. Mutual of Omaha Bank also agreed to purchase essentially all of the failed bank’s assets. The FDIC and Mutual of Omaha Bank entered into a loss-share transaction on $104.8 million of Marco Community Bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $38.1 million. Marco Community Bank is the 17th FDIC-insured institution to fail in the nation this year, and the third in Florida.