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Tampa Bay-Lakeland
Business Observer Monday, Jul. 25, 2011 11 years ago

Two more Gulf Coast banks fail

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American Momentum Bank will acquire LandMark and SouthShore Community.

TAMPA — American Momentum Bank will absorb the banking operations of Sarasota-based LandMark Bank of Florida and Apollo Beach-based SouthShore Community Bank, following an agreement struck with the Federal Deposit Insurance Corp. Both acquired banks were shuttered by the Florida Office of Financial Regulation on Friday.
 
Headquartered in Tampa, American Momentum is led by chairman and CEO Don Adam. Sam Davis is president and chief operating officer. The bank has $664.3 million in assets as of March 31, and earned a net income of $705,000 in the first quarter of this year.
 
Prior to their closures, LandMark managed $275 million in assets, while SouthShore managed $46.3 million in assets. The two failures will cost taxpayers roughly $42.7 million, in the form of funds drawn from the FDIC's Deposit Insurance Fund; $8.3 million will be used for the SouthShore deal, while $34.4 million will go toward the LandMark deal.

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