WASHINGTON — Two failed banks in Florida went to one acquirer Friday, and regulators also shut a $1 billion-asset bank in Colorado, as the year's failure total reached 58.
The three failures were estimated to cost the government about $257 million. American Momentum Bank in Tampa, Fla., picked up both the $46 million-asset Southshore Community Bank in Apollo Beach and the $275 million-asset LandMark Bank of Florida in Sarasota. Later, Colorado regulators closed Bank of Choice in Greeley, Colo., which was sold to Bank Midwest of Kansas City, Mo.
Southshore's two branches and LandMark's six branches will reopen starting Saturday as part of American Momentum. In the deal, the acquirer picked up all of Southshore's $45 million in deposits and LandMark's $247 million in deposits. American Momentum also agreed to buy roughly all of the assets from the two banks. The closures of Southshore and LandMark were estimated to cost the FDIC, respectively, about $8 million and $34 million.
Meanwhile, Bank Midwest's acquisition of Bank of Choice, which failed with $1.07 billion in assets, expands the reach of NBH Holdings Corp. The holding company, which was launched in 2009 through a blind pool investment, took the reins of Bank Midwest last year.
Bank Midwest will reopen the 17 branches of Bank of Choice beginning Saturday. The acquirer agreed to assume all of the failed bank's $925 million in deposits, and purchase about $853 million of its assets. The failure was estimated to cost about $214 million.