Miami-Based Premier American Bank Shuts Down

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.