Premier American gets Daytona-area bank
Business Journal Friday 11th February, 2011
Premier American Bank of Miami is taking over the five branches of Sunshine State Community Bank in Port Orange, which was closed by state regulators on Friday. This is the fourth bank being rolled together by Premier American, which has the deep pockets of parent Bond Street Holdings fueling its growth. As of Dec. 31, Sunshine State had approximately $125.5 million in assets and $116.7 million in deposits. Premier American will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Sunshine State Community Bank. In addition to assuming all of the deposits of the failed bank, Premier American Bank agreed to purchase essentially all of the assets. The FDIC estimates that the cost to the Deposit Insurance Fund will be $30 million. Sunshine State is the 15th FDIC-insured ...
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