American Momentum Bank, Tampa, Florida, Acquires All the Deposits of Two Florida Banks
Southshore Community Bank, Apollo Beach and LandMark Bank of Florida, Sarasota

American Momentum Bank, Tampa, Florida, acquired the banking operations, including all the deposits, of Southshore Community Bank, Apollo Beach, Florida, and LandMark Bank of Florida, Sarasota. The two banks were closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with American Momentum Bank.

Southshore Community Bank had two branches, and LandMark Bank of Florida had six branches. All eight branches of the two closed banks will reopen during normal business hours beginning Saturday as branches of American Momentum Bank. Depositors of the two failed banks will automatically become depositors of American Momentum Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.

Customers of the two failed banks should continue to use their existing branches until they receive notice from American Momentum Bank that it has completed systems changes to allow other branches of American Momentum Bank to process their accounts as well. This evening and over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2011, Southshore Community Bank had approximately $46.3 million in total assets and $45.3 million in total deposits; and LandMark Bank of Florida had total assets of $275.0 million and total deposits of $246.7 million. In addition to assuming all of the deposits of the two Florida banks, American Momentum Bank agreed to purchase essentially all of their assets.

Customers with questions about today's transaction should call the FDIC toll-free: for Southshore Community Bank customers, 1-800-894-2013, and for LandMark Bank of Florida customers, 1-800-889-4976. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT.

Interested parties also can visit the FDIC's Web sites: for Southshore Community Bank, http://www.fdic.gov/bank/individual/failed/southshore.html and for LandMark Bank of Florida, http://www.fdic.gov/bank/individual/failed/LandMark.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Southshore Community Bank will be $8.3 million and for LandMark Bank of Florida, $34.4 million. Compared to other alternatives, American Momentum Bank's acquisition of the two institutions was the least costly resolution for the FDIC's DIF.

The closings are the 56th and 57th FDIC-insured institutions to fail in the nation so far this year and the eighth and ninth in Florida. The last FDIC-insured institution closed in the state was First Peoples Bank, Port Saint Lucie, on July 15, 2011.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,575 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-123-2011

Premier American Bank, National Association, Miami, Florida, Assumes All of the Deposits of First Peoples Bank, Port Saint Lucie, Florida

First Peoples Bank, Port Saint Lucie, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of First Peoples Bank.

The six branches of First Peoples Bank will reopen during their normal business hours beginning Saturday as branches of Premier American Bank. Depositors of First Peoples Bank will automatically become depositors of Premier American Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of First Peoples Bank should continue to use their existing branch until they receive notice from Premier American Bank that it has completed systems changes to allow other Premier American Bank branches to process their accounts as well.

This evening and over the weekend, depositors of First Peoples Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2011, First Peoples Bank had approximately $228.3 million in total assets and $209.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Premier American Bank agreed to purchase essentially all of the assets.

Customers with questions about today's transaction should call the FDIC toll-free at 1-800-895-3212. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/firstpeoples.html.

As part of this transaction, the FDIC will acquire a value appreciation instrument. This instrument serves as additional consideration for the transaction.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $7.4 million. Compared to other alternatives, Premier American Bank's acquisition was the least costly resolution for the FDIC's DIF. First Peoples Bank is the 54^th FDIC-insured institution to fail in the nation this year, and the seventh in Florida. The last FDIC-insured institution closed in the state was First Commerce Bank of Tampa Bay, Tampa, on June 17, 2011.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,575 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-121-2011

Stonegate Bank, Fort Lauderdale, Florida, Assumes All of the Deposits of First Commercial Bank of Tampa Bay, Tampa, Florida 

First Commercial Bank of Tampa Bay, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of First Commercial Bank of Tampa Bay.

The two branches of First Commercial Bank of Tampa Bay will reopen on Monday as branches of Stonegate Bank. Depositors of First Commercial Bank of Tampa Bay will automatically become depositors of Stonegate Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of First Commercial Bank of Tampa Bay should continue to use their existing branch until they receive notice from Stonegate Bank that it has completed systems changes to allow other Stonegate Bank branches to process their accounts as well.

This evening and over the weekend, depositors of First Commercial Bank of Tampa Bay can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2011, First Commercial Bank of Tampa Bay had approximately $98.6 million in total assets and $92.6 million in total deposits. Stonegate Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of First Commercial Bank of Tampa Bay. In addition to assuming all of the deposits of the failed bank, Stonegate Bank agreed to purchase essentially all of the assets.

Customers with questions about today's transaction should call the FDIC toll-free at 1-800-913-5861. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site athttp://www.fdic.gov/bank/individual/failed/fcbtb.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $28.5 million. Compared to other alternatives, Stonegate Bank's acquisition was the least costly resolution for the FDIC's DIF. First Commercial Bank of Tampa Bay is the 47^th FDIC-insured institution to fail in the nation this year, and the sixth in Florida. The last FDIC-insured institution closed in the state was Coastal Bank, Cocoa, on May 6, 2011.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,575 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-105-2011

Premier American Bank, National Association, Miami, Florida, Assumes All of the Deposits of Coastal Bank, Cocoa Beach, Florida

Coastal Bank, Cocoa Beach, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of Coastal Bank.

The two branches of Coastal Bank will reopen on Monday as branches of Florida Community Bank, a division of Premier American Bank, N.A. Depositors of Coastal Bank will automatically become depositors of Florida Community Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Coastal Bank should continue to use their existing branch until they receive notice from Premier American Bank, N.A. that it has completed systems changes to allow other Premier American Bank, N.A. branches to process their accounts as well.

This evening and over the weekend, depositors of Coastal Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2011, Coastal Bank had approximately $129.4 million in total assets and $123.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Premier American Bank, N.A. agreed to purchase essentially all of the assets.

The FDIC and Premier American Bank, N.A. entered into a loss-share transaction on $108.2 million of Coastal Bank's assets. Premier American Bank, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers with questions about today's transaction should call the FDIC toll-free at 1-800-894-7292. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/coastal_fl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.4 million. Compared to other alternatives, Premier American Bank, N.A.'s acquisition was the least costly resolution for the FDIC's DIF. Coastal Bank is the 40th FDIC-insured institution to fail in the nation this year, and the fifth in Florida. The last FDIC-insured institution closed in the state was Cortez Community Bank, Brooksville, on April 29, 2011.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,657 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-84-2011

Sunshine State Community Bank, Port Orange, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of Sunshine State Community Bank.

The five branches of Sunshine State Community Bank will reopen during their normal business hours beginning Saturday as branches of Premier American Bank. Depositors of Sunshine State Community Bank will automatically become depositors of Premier American Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Sunshine State Community Bank should continue to use their existing branch until they receive notice from Premier American Bank that it has completed systems changes to allow other Premier American Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Sunshine State Community Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2010, Sunshine State Community Bank had approximately $125.5 million in total assets and $116.7 million in total deposits. Premier American Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Sunshine State Community Bank. In addition to assuming all of the deposits of the failed bank, Premier American Bank agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-866-308-4470. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/sunshinestate.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.0 million. Compared to other alternatives, Premier American Bank's acquisition was the least costly resolution for the FDIC's DIF. Sunshine State Community Bank is the fifteenth FDIC-insured institution to fail in the nation this year, and the second in Florida. The last FDIC-insured institution closed in the state was First Commercial Bank of Florida, Orlando, on January 7, 2011.

First Southern Bank, Boca Raton, Florida, Assumes All of the Deposits of First Commercial Bank of Florida, Orlando, Florida 

First Commercial Bank of Florida, Orlando, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Southern Bank, Boca Raton, Florida, to assume all of the deposits of First Commercial Bank of Florida.

The nine branches of First Commercial Bank of Florida will reopen on Monday as branches of First Southern Bank. Depositors of First Commercial Bank of Florida will automatically become depositors of First Southern Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of First Commercial Bank of Florida should continue to use their existing branch until they receive notice from First Southern Bank that it has completed systems changes to allow other First Southern Bank branches to process their accounts as well.

This evening and over the weekend, depositors of First Commercial Bank of Florida can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2010, First Commercial Bank of Florida had approximately $598.5 million in total assets and $529.6 million in total deposits. First Southern Bank did not pay the FDIC a premium for the deposits of First Commercial Bank of Florida. In addition to assuming all of the deposits of the failed bank, First Southern Bank agreed to purchase essentially all of the assets.

The FDIC and First Southern Bank entered into a loss-share transaction on $484.3 million of First Commercial Bank of Florida's assets. First Southern Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit:http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-423-6395. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties also can visit the FDIC's Web site athttp://www.fdic.gov/bank/individual/failed/firstcommercial.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.0 million. Compared to other alternatives, First Southern Bank's acquisition was the least costly resolution for the FDIC's DIF. First Commercial Bank of Florida is the first FDIC-insured institution to fail in the nation this year, and the first in Florida. The last FDIC-insured institution closed in the state was The Bank of Miami, Coral Gables, on December 17, 2010.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,760 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-2-2011

1^st United Bank, Boca Raton, Florida, Assumes All of the Deposits of the Bank of Miami, National Association, Coral Gables, Florida

The Bank of Miami, National Association, Coral Gables, Florida, was closed today by The Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with 1^st United Bank, Boca Raton, Florida, to assume all of the deposits of The Bank of Miami, N.A.

The three branches of The Bank of Miami, N.A. will reopen on Monday as branches of 1^st United Bank. Depositors of The Bank of Miami, N.A. will automatically become depositors of 1^st United Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of The Bank of Miami, N.A. should continue to use their existing branch until they receive notice from 1^st United Bank that it has completed systems changes to allow other 1^st United Bank branches to process their accounts as well.

This evening and over the weekend, depositors of The Bank of Miami, N.A. can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2010, The Bank of Miami, N.A. had approximately $448.2 million in total assets and $374.2 million in total deposits. 1^st United Bank did not pay the FDIC a premium for the deposits of The Bank of Miami, N.A. In addition to assuming all of the deposits of the failed bank, 1^st United Bank agreed to purchase approximately $442.3 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and 1^st United Bank entered into a loss-share transaction on $313.5 million of The Bank of Miami, N.A.'s assets. 1^st United Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-323-6111. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/bankofmiami.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.0 million. Compared to other alternatives, 1^st United Bank's acquisition was the least costly resolution for the FDIC's DIF. The Bank of Miami, N.A. is the 152^nd FDIC-insured institution to fail in the nation this year, and the 29th in Florida. The last FDIC-insured institution closed in the state was Gulf State Community Bank, Carrabelle, on November 19, 2010.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,760 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-271-2010

Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Gulf State Community Bank, Carrabelle, Florida

Gulf State Community Bank, Carrabelle, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Centennial Bank, Conway, Arkansas, to assume all of the deposits of Gulf State Community Bank.

The five branches of Gulf State Community Bank will reopen during normal business hours beginning Saturday as branches of Centennial Bank. Depositors of Gulf State Community Bank will automatically become depositors of Centennial Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Gulf State Community Bank should continue to use their existing branch until they receive notice from Centennial Bank that it has completed systems changes to allow other Centennial Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Gulf State Community Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2010, Gulf State Community Bank had approximately $112.1 million in total assets and $112.2 million in total deposits. Centennial Bank did not pay the FDIC a premium to assume all of the deposits of Gulf State Community Bank. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase essentially all of the assets.

The FDIC and Centennial Bank entered into a loss-share transaction on $84.4 million of Gulf State Community Bank's assets. Centennial Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-774-8035. The phone number will be operational this evening until 9:00 p.m. Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m. EST; on Sunday from noon to 6:00 p.m. EST; and thereafter from 8:00 a.m. to 8:00 p.m. EST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/gulfstate.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $42.7 million. Compared to other alternatives, Centennial Bank's acquisition was the least costly resolution for the FDIC's DIF. Gulf State Community Bank is the 147^th FDIC-insured institution to fail in the nation this year, and the 28^th in Florida. The last FDIC-insured institution closed in the state was Progress Bank of Florida, Tampa, on October 22, 2010.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,830 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-253-2010

Bay Cities Bank, Tampa, Florida, Assumes All of the Deposits of Progress Bank of Florida, Tampa, Florida

Progress Bank of Florida, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bay Cities Bank, Tampa, Florida, to assume all of the deposits of Progress Bank of Florida.

The two branches of Progress Bank of Florida will reopen on Monday as branches of Bay Cities Bank. Depositors of Progress Bank of Florida will automatically become depositors of Bay Cities Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to the applicable limits. Customers of Progress Bank of Florida should continue to use their existing branch until they receive notice from Bay Cities Bank that it has completed systems changes to allow other Bay Cities Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Progress Bank of Florida can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Progress Bank of Florida had approximately $110.7 million in total assets and $101.3 million in total deposits. Bay Cities Bank did not pay the FDIC a premium for the deposits of Progress Bank of Florida. In addition to assuming all of the deposits, Bay Cities Bank agreed to purchase essentially all of the failed bank's assets.

The FDIC and Bay Cities Bank entered into a loss-share transaction on $82.6 million of Progress Bank of Florida's assets. Bay Cities Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-830-4705. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/progress_fl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.0 million. Compared to other alternatives, Bay Cities Bank's acquisition was the least costly resolution for the FDIC's DIF. Progress Bank of Florida is the 134th FDIC-insured institution to fail in the nation this year, and the 27th in Florida. The last FDIC-insured institution closed in the state was First Bank of Jacksonville, Jacksonville, earlier today.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,830 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-232-2010