Hillcrest Bank Florida, Naples, Florida, was closed October 23, 2009 by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. Stonegate Bank, Fort Lauderdale, Florida will assume all of the deposits of Hillcrest Bank Florida.

As of October 1, 2009 , Hillcrest Bank Florida had total assets of $83 million and total deposits of approximately $84 million, and six branches. Stonegate Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Hillcrest Bank Florida. In addition to assuming all of the deposits of the failed bank, Stonegate Bank agreed to purchase $28 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45 million.

Hillcrest Bank Florida is the 102nd FDIC-insured bank failure in the Nation this year, and the eighth in Florida.

Cert # 58336

Sinclair Noe

Bank-o-meter.com

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