Small Fla, Ariz banks closed; 92 failures in 2011
WASHINGTON (AP) — Regulators have closed small banks in Florida and Arizona, boosting to 92 the number of bank failures in the U.S. this year.
The Federal Deposit Insurance Corp. on Friday seized Premier Community Bank of the Emerald Coast, based in Crestview, Fla., with
$126 million in assets and $112 million in deposits, and Phoenix-based Western National Bank, with $162.9 million in assets and $144.5 million in deposits.
Summit Bank, based in Panama City, Fla., agreed to assume the
assets and deposits of Premier Community Bank.
Washington Federal, based in Seattle, is acquiring the assets and deposits of Western National Bank.
The failure of Premier Community Bank of the Emerald Coast is
expected to cost the deposit insurance fund $31.2 million; that of
Western National Bank is expected to cost $37.6 million.