US regulators close three small banks

US regulators closed three banks on Friday, bringing the total number of foreclosures this year to 58. In Florida, American Momentum Bank, in Tampa, acquired the banking operations including all deposits of Southshore Community Bank in Apollo Beach and LandMark Bank of Florida, in Sarasota.
As of March 31, 2011, Southshore Community Bank had about $46.3 million in total assets and $45.3 million in total deposits. LandMark Bank of Florida had total assets of $275.0 million and total deposits of $246.7 million. In addition to assuming all of the deposits of the two Florida banks, American Momentum Bank agreed to purchase essentially all of their assets. Bank of Choice in Greeley, Colorado, was closed on Friday by the Colorado Division of Banking, which appointed the FDIC as receiver.