Regulators closed the doors on three lending institutions over the weekend â€" two in Florida and one in Colorado. This latest round of closings brings the number of names on the ""FDIC's failed-bank list"":http://www.fdic.gov/bank/individual/failed/banklist.html to 58 for the year.
""American Momentum Bank"":http://www.americanmomentumbank.com acquired both Florida lenders that went under â€" ""Southshore Community Bank"":http://www.southshorecommunitybank.com/ in Apollo Beach and Sarasota's ""LandMark Bank of Florida"":https://www.landmarkbankfl.com.
[IMAGE] [COLUMN_BREAK]Southshore had two branches, $45.3 million in deposits, and $46.3 million in assets. LandMark Bank operated six branch offices, with $246.7 million in deposits and assets totaling $275 million.
The FDIC estimates that the cost to its Deposit Insurance Fund (DIF) for Southshore Community Bank will be $8.3 million and for LandMark Bank of Florida, $34.4 million.
""Bank of Choice"":https://www.bankofchoiceonline.com, based in Greeley, Colorado, was the largest closing of the weekend. It was picked up by Kansas City, Missouri's ""Bank Midwest, N.A."":http://www.bankmw.com in an FDIC-assisted transaction.
Bank of Choice had 17 branch offices, $924.9 million in deposits, and $1.07 billion in assets. Bank Midwest took over all of the failed institution's deposits and agreed to purchase $853 million of its assets. The FDIC will retain the remaining assets for disposition at a later date.
The Colorado bank's closing is expected to cost the FDIC an estimated $213.6 million.