Southshore Community Bank, Apollo Beach, FL

Southshore Community Bank, Apollo Beach, FL, became the 56th FDIC-insured institution to fail in the nationwide in 2011. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Southshore Community Bank will be $8.3 million.

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.