Florida-based Premier American Bank has entered into a purchase and assumption agreement with Federal Deposit Insurance Corporation (FDIC) to assume all of the deposits of Peninsula Bank.

Earlier, Florida Division of Financial Institutions has closed Florida-based Peninsula Bank and appointed FDIC as receiver.

FDIC said that the 13 branches of Peninsula Bank will reopen as branches of Premier American Bank and the depositors of Peninsula Bank will become depositors of Premier American Bank, and the deposits will continue to be insured by the FDIC.

As of March 31, 2010, Peninsula Bank had approximately $644.3m in total assets and $580.1m in total deposits. Premier American Bank did not pay the FDIC a premium for the deposits of Peninsula Bank.

In addition, FDIC and Premier American Bank have also entered into a loss-share transaction on $437.6m of Peninsula Bank’s assets. Premier American Bank will share in the losses on the asset pools covered under the loss-share agreement.