Make us your home page
Instagram

American Momentum Bank of Tampa buys assets of two failed banks

Tampa Bay was the center of the latest banking upheaval Friday as one local bank failed and another swept in to buy its assets along with those of another bank.

Southshore Community Bank of Apollo Beach and Sarasota-based LandMark Bank of Florida were both closed by the Florida Office of Financial Regulation Friday.

American Momentum Bank of Tampa agreed to purchase the assets of both failed institutions under a deal with the Federal Deposit Insurance Corp., which had been appointed as receiver.

American Momentum, founded by Texas cable, banking and construction entrepreneur Don Adam, had good timing. It opened in late 2006, largely missing the real estate build-up that quickly turned into a bust, saddling many community banks with problem loans.

Southshore Community Bank has long been viewed as vulnerable to failure. It's one of eight area banks that received the lowest "zero-star" rating in the latest analysis by ratings firm Bauer Financial.

As of March 31, Southshore Community had about $46.3 million in assets and $45.3 million in deposits; LandMark Bank had total assets of $275 million and $246.7 million in deposits.

Southshore had two branches, and LandMark had six. All eight branches will reopen during normal business hours beginning Saturday as branches of American Momentum. Deposits will continue to be covered up to FDIC limits.

The two banks were the eighth and ninth Florida institutions to fail so far this year. A total of 57 banks nationwide have failed since January.

American Momentum Bank of Tampa buys assets of two failed banks 07/22/11 [Last modified: Friday, July 22, 2011 8:45pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Air bag recalls, lawsuits lead Takata to file for bankruptcy

    Autos

    Shattered by recall costs and lawsuits, Japanese air bag maker Takata Corp. filed Monday for bankruptcy protection in Tokyo and the U.S., saying it was the only way it could keep on supplying replacements for faulty air bag inflators linked to the deaths of at least 16 people.

    Japanese air bag maker Takata Corp. CEO Shigehisa Takada bows during a press conference in Tokyo on Monday. Takata has filed for bankruptcy protection in Tokyo and the U.S., overwhelmed by lawsuits and recall costs related to its production of defective air bag inflators.
[(AP Photo/Shizuo Kambayashi]
  2. Airbag maker Takata bankruptcy filing expected in Japan, U.S.

    Corporate

    DETROIT — Japanese airbag maker Takata Corp. has filed for bankruptcy protection in Tokyo and the U.S., overwhelmed by lawsuits and recall costs related to its production of faulty air bag inflators.

  3. Federal agencies demand records from SeaWorld theme park

    Tourism

    ORLANDO — Two federal agencies are reportedly demanding financial records from SeaWorld.

    Killer whales Ikaika and Corky participate in behaviors commonly done in the wild during SeaWorld's Killer Whale educational presentation in this photo from Jan. 9. SeaWorld has been subpoenaed by two federal agencies for comments that executives and the company made in August 2014 about the impact from the "Blackfish" documentary. 
[Nelvin C. Cepeda/San Diego Union-Tribune/TNS]
  4. Legalized medical marijuana signed into law by Rick Scott

    State Roundup

    TALLAHASSEE — Gov. Rick Scott on Friday signed into law a broader medical marijuana system for the state, following through on a promise he made earlier this month.

    Gov. Rick Scott signed legislation on Friday that legalizes medical marijuana in Florida.
  5. Line of moms welcome Once Upon A Child to Carrollwood

    Business

    CARROLLWOOD — Strollers of all shapes and sizes are lined up in front of the store, and inside, there are racks of children's clothing in every color of the rainbow.

    At Once Upon A Child, you often as many baby strollers outside as you find baby furniture and accessories. It recently opened this location in Carrollwood. Photo by Danielle Hauser