Five U.S. banking institutions failed this past week, bringing the final tally up to 39 for 2011. Read more about the five failures and what to expect with MyBankTracker.
Community Central Bank, based in Mount Clemens, Mich., was closed down this past Friday by state regulators in Michigan. All deposits of the institution will be transferred to Talmer Bank & Trust, based in Troy, Mich. The failed bank had $476.3 million in assets and $385.4 million in deposits at the end of 2010.
The Park Avenue Bank, based in Valdosta, Ga., was also closed down by state regulators this past Friday, and will transfer its deposits to Little Rock, Ark.-based Bank of the Ozarks. The failed bank had $953.3 million in assets and $827.7 million in deposits at the end of 2010.
Dallas, Ga.-based First Choice Community Bank was also shut down by federal regulators this past Friday and is the second financial institution Bank of the Ozarks will acquire this week. The failed bank had total assets of $308.5 million and total deposits of $310.0 million at the end of 2010.
Cortez Community Bank of Brooksville, Fla. was closed down by state regulators this past Friday and will now turn over its deposits to Premier American Bank NA, based in Miami. The failed bank had assets of $352.0 million and deposits of $312.1 million at the end of 2010.
Finally, the First National Bank of Central Florida, based in Winter Park, Fla., was shut down by state regulators this Friday. First National will now transfer its deposits to Florida Community Bank of Miami. The failed bank had assets of $352.0 million and deposits of $312.1 million at the end of 2010.
For more information concerning the failures you can refer to the FDIC’s website, which also has detailed information concerning 26 other failures that occurred this year.