Coastal Bank, Cocoa Beach, Florida, was
closed today by federal regulators. As of March 31, 2011, Coastal Bank had approximately $129.4 million in total assets and $123.9 million in total deposits. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of Coastal Bank.
Coastal Bank was the sole bank closed today by the FDIC, which always announces bank closings on Friday. This was the 40th bank closed in 2011. You can find the complete list of bank closings
here.
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