Firm Represents Premier American Bank in Unique Linked Acquisition of Three Failed Banks

May 10, 2011

Willkie has represented Premier on seven failed bank acquisitions since it opened for business in January 2010.

On April 29 and May 6, Willkie client Premier American Bank, N.A. entered into purchase and assumption agreements with the FDIC to acquire substantially all of the assets, deposits and liabilities of three failed banks in Florida in a unique linked transaction: First National Bank of Central Florida, Cortez Community Bank and Coastal Bank, all headquartered in Florida. Willkie has represented Premier on seven failed bank acquisitions since it opened for business in January 2010, making Premier the most active acquirer of failed banks in the state of Florida since the beginning of the recent financial crisis, and one of the most active in the nation. Premier now operates 39 branches across Florida and has approximately $3.5 billion in assets and $2.6 billion in deposits, making it the sixth largest independent bank headquartered in Florida. Willkie represented Premier and its parent bank holding company, Bond Street Holdings, Inc., on all aspects of the transaction. The deal was handled by partner David Katz and associate Scott Tkacz.