July 23 - The Royal Palm Bank of Florida, Naples, Fla., has been closed by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First National Bank of the Gulf Coast, Naples, Fla., to assume all of the deposits of The Royal Palm Bank of Florida.
As of March 31, 2012, The Royal Palm Bank of Florida had approximately $87 million in total assets and $85.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, First National Bank of the Gulf Coast agreed to purchase essentially all of the failed bank's assets.
Customers with questions about the transaction should call the FDIC toll-free at 800-823-5017. The phone number will be operational from 9:00 a.m. to 5:00 p.m., EDT. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/royalpalm.html.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $13.5 million. Compared to other alternatives, First National Bank of the Gulf Coast's acquisition was the least costly resolution for the FDIC's DIF. The Royal Palm Bank of Florida is the 34th FDIC-insured institution to fail in the nation this year, and the fifth in Florida. The last FDIC-insured institution closed in the state was Putnam State Bank, Palatka, on June 15, 2012.