Financial Shutdown Report for Friday May 6, 2011

Time for the weekly financial shutdown report. Only one bank was closed today as we head into Mother's Day weekend. Despite the recession getting better; bank closures are still an almost weekly happening. Here is the closure for this week.

The FDIC reported tonight that,

On Friday, May 6, 2011, Coastal Bank, Cocoa Beach, FL was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

It was further reported that

All deposit accounts have been transferred to Florida Community Bank, a division of Premier American Bank, National Association (N.A.), Miami, FL ("assuming institution") and will be available immediately. The former Coastal Bank locations will reopen as branches of Florida Community Bank during regular business hours
- FDIC

Premier American and it's affiliates acquired two (2) of the banks that were seized last week as well.
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