Bank of Florida’s Lenders Closed as Bank Failures Climb to 78

May 28 (Bloomberg) -- Bank of Florida Corp.’s three lenders were closed by regulators today who sold about $1.2 billion in deposits to EverBank Financial Corp., the closely held firm that specializes in online banking, as the latest round of bank failures sent the 2010 toll to 78.

EverBank purchased the three banks from the Federal Deposit Insurance Corp., which was named receiver, according to statements on the agency’s website. Lenders in California and Nevada were also closed, with City National Corp. buying Las Vegas-based Sun West Bank. The failures cost the FDIC’s deposit- insurance fund $317 million.

“We look forward to welcoming our new customers on Tuesday morning when the former Bank of Florida locations open as branches of EverBank,” Chief Executive Officer Rob Clements said in a statement. The acquisition will allow EverBank to move into wealth management and private banking, the company said.

U.S. banks are collapsing amid losses on residential and commercial real estate loans, and the FDIC’s list of “problem” lenders is the longest since 1992. FDIC Chairman Sheila Bair said this month the agency’s confidential list of “problem” banks grew to 775 banks in the first quarter.

EverBank, based in Jacksonville, Florida, will hold about $11.5 billion in assets after the pickup, according to the company’s statement. The bank had $7.4 billion in deposits at the end of the first quarter.

‘Prompt Corrective Action’

The three lenders run by Bank of Florida all received “prompt corrective action” notices from the FDIC in March requiring them to raise capital within 30 days. The parent company was looking to sell shares and raise capital, and reported a revised first-quarter loss of $48.2 million this month, according to a statement.

Los Angeles-based City National paid a premium of 0.67 percent to the FDIC to assume the $353.9 million in deposits at Sun West Bank.

Chico, California-based Tri Counties Bank bought the assets and deposits of Granite Community Bank N.A., of Granite Bay, California, which was closed by the Office of the Comptroller of the Currency. Granite’s branches will reopen June 1 as part of the 58-branch network of Tri Counties, according to a company statement.

Thirteen banks in Florida, six in California and two in Nevada have now been closed by regulators since the beginning of the year, the FDIC said.

--Editor: Michael Hytha.