Five financial institutions â€" three in Florida and one each in California and Nevada â€" found regulatory officials at their doors Friday evening, discharged to close down[IMAGE]
their operations. This latest round of seizures brings the ""total number of insured-bank failures"":http://www.fdic.gov/bank/individual/failed/banklist.html for the year to 78.
All three Florida institutions to close were owned by the holding company ""Bank of Florida Corporation"":http://www.bankofflorida.com: Bank of
[COLUMN_BREAK]Floridaâ€"Southeast in Fort Lauderdale, Bank of Floridaâ€"Southwest in Naples, and Bank of Floridaâ€"Tampa Bay in Tampa. The trio was bought by ""EverBank"":http://www.everbank.com/bankofflorida, based out of Jacksonville, Florida.
Together they had $1.48 billion in assets and deposits of $1.31 billion. The FDIC and EverBank reached an agreement to share in future losses on $1.2 billion of the acquired assets. The FDIC estimates that the Florida failures will carry a cost of $203 million.
In Granite Bay, California, ""Granite Community Bank, N.A."":https://www.granitecb.com/index.html was bought by ""Tri Counties Bank"":http://www.tricountiesbank.com of Chico, California. Granite Community operated three branches, with $102.9 million in assets and $94.2 million in deposits. It's failure is expected to cost the FDIC $17.3 million.
Las Vegas' ""Sun West Bank"":http://www.swbnv.com was also shut down. The FDIC brokered a deal with ""City National Bank"":http://www.cnb.com in Los Angeles to take over Sun West's seven branches, $353.9 million in deposits, and purchase its $360.7 million in assets. The Nevada bank's closure will cost the FDIC an estimated $96.7 million.