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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]
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