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Business Observer Monday, May 9, 2011 8 years ago

Premier buys third failed bank

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Its third failed bank buy this month makes it Florida's sixth-largest bank.

Premier American Bank acquired Cocoa Beach-based Coastal Bank last week through an agreement with the Federal Deposit Insurance Corp. It is the Miami-based bank's third such transaction this month.

This latest deal makes Premier Florida's sixth-largest independent bank, the company says, with $3.2 billion in assets, $2.5 billion in deposits, and a network of 39 branches.

Premier is a subsidiary of Bond Street Holdings Inc., which acquired Florida Community Bank of Immokalee in January 2010 (see “Off the Shelf”). At the time, First Community was one of the largest banks headquartered on the Gulf Coast, with $836 million in assets.

Premier American Bank has 15 offices in the Gulf Coast area: five in Charlotte County, two in Collier, five in Lee, and three in Sarasota. Two weeks ago, Premier acquired Brooksville-based Cortez Community Bank, and Winter Park-based First National Bank of Central Florida.

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