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Regulators Close Down Five More Community Banks

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

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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.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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