Mitch Traphagen Photo
By MITCH TRAPHAGEN
APOLLO BEACH – Regulators from the Federal Deposit Insurance Corporation (FDIC) closed the SouthShore Community Bank on Friday. On Saturday, the bank branches in Apollo Beach and Sun City Center reopened under the ownership of Tampa-based American Momentum Bank. Also on Friday, the FDIC closed LandMark Bank of Florida in Sarasota. American Momentum Bank agreed to assume the deposits and purchase the assets of that bank as well. The FDIC does not give advance notice when a bank is taken into receivership.
SouthShore Community Bank had total assets of approximately $46.3 million and about $45.3 million in deposits. According to the FDIC, all deposit accounts have been transferred to American Momentum Bank and are available immediately. For those who already have accounts with American Momentum Bank, the transferred accounts will be fully insured separately for a period of six months after the closing of SouthShore Community Bank. All ATM machines remain available and any checks that did not clear before the closure of SouthShore Community Bank will be honored as long as there are sufficient funds in the account. Loan payments should continue to be made as usual, and the terms of loans will not change. On interest bearing accounts, interest accrued through July 22 will be paid at the same rate, but American Momentum Bank is reviewing rates and will notify customers of any changes.
Nationally, the failure of SouthShore Community Bank is the 57th FDIC-insured bank failure this year and the 9th in Florida. The FDIC has estimated the cost of the failure to the Deposit Insurance Fund will be $8.3 million.
