OCC Approves Premier American Bank, National Association To Acquire Second Failed Bank

WASHINGTON — The Office of the Comptroller of the Currency announced today it has approved Premier American Bank, National Association, Miami, Florida, to acquire Florida Community Bank, Immokalee, Florida. Florida Community Bank was closed by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida to assume the deposits of Florida Community Bank.

This is Premier American Bank, N.A.’s second acquisition of a failed bank. It was approved to begin operating as a national bank and to acquire its first failed bank, Premier American Bank, a state bank, on January 22, 2010. Prior to that date on October 23, 2009, Premier had received preliminary approval as a shelf charter to begin organizing as a national bank and used a provisional preliminary name, Bond Street Bank, National Association, until the acquisition of its first failed bank.

A “shelf charter” is a new mechanism that involves the granting of preliminary approval to investors for a national bank charter. The charter remains inactive, or “on the shelf” until such time as the investor group is in a position to acquire a troubled institution. By granting the preliminary approval, the OCC expands the pool of potential buyers available to buy troubled institutions, and in particular the new equity capital available to bid on troubled institutions through the Federal Deposit Insurance Corporation’s bid process.

Related Links

• Conditional Approval Letter for Premier American Bank, National Association, to Purchase Assets of Florida Community Bank (PDF 203KB)