Bank Failure
Coastal Bank
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Closed May 6, 2011 · Cocoa Beach, FL · FDIC Cert #34898.
- Closing date
- May 6, 2011
- Headquarters
- Cocoa Beach, FL
- FDIC Certificate
- 34898
- Total assets at closing
- $129.4M
- Total deposits at closing
- $124.0M
- Estimated loss to the insurance fund
- $18.5M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Premier American Bank, N.A.
Context
On May 6, 2011, regulators closed Coastal Bank, headquartered in Cocoa Beach, FL. At closing, the institution held approximately $129.4M in assets and $124.0M in deposits. The FDIC record names Premier American Bank, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $18.5M.
By assets at closing this is the 1045th largest of the 3,526 bank failures in the FDIC record, and the 67th of 92 in 2011. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Coastal Bank fail?
Coastal Bank was closed by regulators on May 6, 2011.
Who acquired Coastal Bank?
The FDIC record names Premier American Bank, N.A. as the acquiring institution in the resolution of Coastal Bank.
How big was Coastal Bank when it failed?
Coastal Bank had approximately $129.4M in total assets and $124.0M in deposits at the time of failure.
Other failures in 2011
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 2011 | Western National Bank | $162.9M |
| Dec 16, 2011 | Premier Community Bank of the Emerald Coast | $126.0M |
| Nov 18, 2011 | Central Progressive Bank | $383.1M |
| Nov 18, 2011 | Polk County Bank | $91.6M |
| Nov 10, 2011 | Community Bank of Rockmart | $62.4M |
| Nov 4, 2011 | Sunfirst Bank | $198.1M |
| Nov 4, 2011 | Mid City Bank, Inc. | $106.1M |
| Oct 28, 2011 | All American Bank | $34.8M |
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