- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement (3.72 MB PDF File - PDF Help)
- Bid Summary
- Receivership Termination
On Friday, July 22, 2011, Southshore Community Bank, Apollo Beach, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership is deemed terminated.Back to top
The FDIC has issued a press release (PR-123-2011) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 1-202-898-3876.Back to top
All deposit accounts, including brokered deposits, have been transferred to American Momentum Bank, Tampa, FL ("assuming institution") and will be available immediately. The former Southshore Community Bank locations will reopen as branches of American Momentum Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at American Momentum Bank for six
months after the failure of Southshore Community Bank. Checks
that were drawn on Southshore Community Bank that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank,
you may speak to an FDIC representative by calling 1-800-894-2013.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with American Momentum Bank as long as the deposits are not pledged as collateral for loans. You may view more information about American Momentum Bank by visiting their web site.
American Momentum Bank (www.americanmomentumbank.com)Back to top
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
Back to top
The FDIC as Receiver for Southshore Community Bank, has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership on July 21, 2014.
The Receiver has made all dividend distributions required by law.
Effective November 1, 2014, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.Back to top General Disclaimer