On Friday, the Florida Office of Financial Regulation closed Florida Community Bank , headquartered in Immokalee, Florida and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, headquartered in Miami, Florida, to assume all of the deposits of Florida Community Bank. Premier American Bank will pay the FDIC a premium of 0.4% for the deposits of the failed bank. Last week, Premier American Bank acquired its first failed bank.

As of September 30, 2009, Florida Community Bank had approximately $875.5 million in total assets and $795.5 million in total deposits. Premier American Bank agreed to purchase approximately $499.1 million of Florida Community Bank’s assets. The FDIC and Premier American Bank entered into a loss-share transaction on $305.4 million of Florida Community Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $352.6 million. Florida Community Bank is the eleventh FDIC-insured institution to fail in the nation this year and the second in Florida.