CORTEZ COMMUNITY BANK Failed 2011

What happened

CORTEZ COMMUNITY BANK of BROOKSVILLE, FL was closed on 2011-04-29. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to PREMIER AMERICAN BANK, NATIONAL ASSOCIATION (MIAMI, FL). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3928

FDIC Certificate

57625

FDIC FIN

10360

Bank name

CORTEZ COMMUNITY BANK

Location

BROOKSVILLE, FL

Failure date

2011-04-29

FDIC resolution date

2011-04-29

Charter type

State commercial bank, non-Federal Reserve member (FDIC-supervised)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$17M

Deposits at failure

$65M

Assets at failure

$66M

Acquiring bank

PREMIER AMERICAN BANK, NATIONAL ASSOCIATION (MIAMI, FL)

Other banks PREMIER AMERICAN BANK, NATIONAL ASSOCIATION acquired in FDIC resolutions

• FIRST PEOPLES BANK (PORT SAINT LUCIE, FL) — failed 2011-07-15
• COASTAL BANK (COCOA BEACH, FL) — failed 2011-05-06
• FIRST NATIONAL BANK OF CENTRAL FLORIDA (WINTER PARK, FL) — failed 2011-04-29
• SUNSHINE STATE COMMUNITY BANK (PORT ORANGE, FL) — failed 2011-02-11
• FLORIDA COMMUNITY BANK (IMMOKALEE, FL) — failed 2010-01-29
• PREMIER AMERICAN BANK (MIAMI, FL) — failed 2010-01-22