Since the beginning of 2010, the Federal Deposit Insurance Corporation has shut down five banks after having to close down 140 banks next year. It seems that the two-year-long recession continues to take its toll on some of these banks in the country, as now the FDIC had to shut down their Miami-based Premier American bank.
This bank was said to have had $350.9 million in assets and $323.6 million in deposits. To take its place, the FDIC set up a new bank which will be called Premier American Bank N.A., and will have a national charter to take over the deposits and assets of the failed bank. Owned by Bond Street Holdings of Naples, all four new branches are now open.