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Bank Failures #84 & #85: Florida and Georgia

By Anonymous

Peninsula Bank
Ringed on three sides by water
Way out blocked by Feds

Savannah shut down
Sheila's Summer season starts
Sad situation.
by Soylent Green is People

From the FDIC: Premier American Bank, Miami, Florida, Assumes All of the Deposits of Peninsula Bank, Englewood, Florida

As of March 31, 2010, Peninsula Bank had approximately $644.3 million in total assets and $580.1 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $194.8 million. Compared to other alternatives, ... Peninsula Bank is the 84th FDIC-insured institution to fail in the nation this year, and the fourteenth in Florida. The last FDIC-insured institution closed in the state was Bank of Florida ? Southwest, Naples, on May 28, 2010.

From the FDIC: The Savannah Bank, National Association, Savannah, Georgia, Assumes All of the Deposits of First National Bank Savannah, Georgia

As of March 31, 2010, First National Bank had approximately $252.5 million in total assets and $231.9 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $68.9 million. Compared to other alternatives, ... First National Bank is the 85th FDIC-insured institution to fail in the nation this year, and the ninth in Georgia. The last FDIC-insured institution closed in the state was Satilla Community Bank, Saint Marys, on May 14, 2010.

Full post as published by Calculated Risk on June 25, 2010 (boomark / email).