Firm Advises Premier American Bank, National Association in its Eighth Failed Bank Acquisition

July 18, 2011

Willkie lawyers have represented Premier American on eight failed bank acquisitions since January 2010.

On July 15, Willkie client Premier American Bank, National Association, headquartered in Miami, Florida, entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation to purchase substantially all of the assets, and assume substantially all of the deposits and certain other liabilities, of First Peoples Bank in Port St. Lucie, Florida. This marks Premier American’s eighth failed bank acquisition in Florida since January 2010, the most by any acquirer in the state since the beginning of the recent financial crisis.

Premier American is the sixth largest independent bank in Florida with approximately $3.4 billion in assets and $2.7 billion in deposits. Willkie represented Premier American 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.