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Bank Failures #35 through #39 in 2011 – First National Bank of Central Florida, Winter Park and Cortez Community Bank, Brooksville

Premier American Bank, National Association, Miami, Florida, acquired the banking operations, including all the deposits, of two Florida-based banks. To protect depositors, the Federal Deposit Insurance Corporation (FDIC) entered into purchase and assumption agreements with Premier American Bank, N.A.

First National Bank of Central Florida, Winter Park, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. Cortez Community Bank, Brooksville, Florida, was closed by the Florida Office of Financial Regulation, which appointed the FDIC as receiver.

All eight branches of the two closed banks will reopen on Monday as branches of Florida Community Bank, a division of Premier American Bank, N.A. Depositors of the two failed banks will automatically become depositors of Florida Community Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. First National Bank of Central Florida had six branches; and Cortez Community Bank had two branches.

Customers of the two failed banks should continue to use their former branches until they receive notice from Premier American Bank, N.A. that it has completed systems changes to allow other branches of Premier American Bank, N.A. to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

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