Florida banking regulators close 13th institution this year
12/19/2011
On December 16, the Florida Office of Financial Regulation took over Premier Community Bank of
Emerald Coast in Crestview, Florida. The institution had assets of $126 million at September 30 and was
rated E- ("Very Weak") by Weiss at the time of failure. It was first identified as "Weak"
in September 2009.
The institution reported a loss of more than $4.4 million for the nine months ending September 30.
It had below-FDIC-mandated Tier 1 (5%) and risk-based capital (6%) ratios of -0.9% and -1.34%, respectively.
Nonperforming loans represented 16.6% of its loan portfolio.
Summit Bank, NA located in Panama City, Florida, with assets of $130.7 million and a Weiss Financial
Strength Rating of C ("Fair"), will assumed the deposits of Premier. Summit Bank has high Tier 1 and
risk-based capital ratios of 16.05% and 23.11%, respectively. The bank has no nonperforming loans and earned
$390,000 through September 30 for an ROA of 0.45%, well below the industry average of 0.94%