Five Banks Closed on May 28

Federal and state banking regulators closed five banks on Friday, May 28, raising the number of failed institutions to 86 so far in 2010.

The latest closings are:

Bank of Florida - Southeast, Southwest, Tampa Bay
EverBank, Jacksonville, Florida, acquired the banking operations, including all the deposits, of three Florida-based institutions. Bank of Florida - Southeast, Fort Lauderdale, Florida; Bank of Florida - Southwest, Naples, Florida; and Bank of Florida - Tampa Bay, Tampa, Florida, were all closed by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The three failed banks were owned by the same holding company, Bank of Florida Corporation, which was not part of this transaction.

All the branches of the three closed banks will reopen as branches of EverBank under their normal business hours on Tuesday, June 1.

Bank of Florida - Southeast had total assets of $595.3 million; Bank of Florida - Southwest had total assets of $640.9 million; and Bank of Florida - Tampa Bay had total assets of $245.2 million.

The estimated cost to the Deposit Insurance Fund (DIF) for Bank of Florida - Southeast will be $71.4 million; for Bank of Florida - Southwest, $91.3 million; and for Bank of Florida - Tampa Bay, $40.3 million.

Granite Community Bank
Granite Community Bank, N.A., Granite Bay, California, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. Tri Counties Bank, Chico, California will assume all of the deposits of Granite Community Bank, N.A.

The three branches of Granite Community Bank, N.A. will reopen as branches of Tri Counties Bank on Tuesday, June 1. Granite Community Bank, N.A. had approximately $102.9 million in total assets. The estimated cost to the Deposit Insurance Fund (DIF) will be $17.3 million.

Sun West Bank
Sun West Bank, Las Vegas, Nevada, was closed by the Nevada Financial Institutions Division, which appointed the FDIC as receiver. City National Bank, Los Angeles, California, will assume all of the deposits of Sun West Bank.

The seven branches of Sun West Bank will reopen on Tuesday, June 1, as branches of City National Bank. Sun West Bank had $360.7 million in assets. The estimated cost to the Deposit Insurance Fund (DIF) will be $96.7 million.





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