WASHINGTON — Premier American Bank in Miami picked up another failed institution Friday, assuming the operations of Coastal Bank in Cocoa Beach, Fla.
Premier American, itself formed from the remnants of a failure, has now struck six failed-bank deals since it was acquired by the investment group Bond Street Holdings in January 2010. Just last week, the acquirer grabbed two failed charters, First National Bank of Central Florida in Winter Park and Cortez Community Bank in Brooksville.
The Federal Deposit Insurance Corp. said Premier American will assume all of Coastal Bank's $124 million in deposits and acquire essentially all of its $129 million in assets. The agency will share the losses with the buyer on about $108 million of those assets.
The failure, the 40th total this year and the fifth in Florida, was estimated to cost the Deposit Insurance Fund just over $13 million.