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FCB Financial Holdings, in Weston, Florida, reported a $3.4 million loss in the third quarter that relected costs tied to its initial public offering.
October 24 -
Performance among banks and thrifts with $2 billion to $10 billion of assets has not changed much over the past year, judging from our annual ranking.
July 28 -
The $5.2 billion-asset company, once known as Bond Street Holdings, filed a registration statement with the Securities and Exchange Commission for an initial public offering.
June 20
FCB Financial Holdings in Weston, Fla., has terminated its loss-share agreements with the Federal Deposit Insurance Corp.
The $6 billion-asset FCB said it agreed to pay $40.3 million, on a tax-adjusted basis, to exit loss-share agreements tied to its purchase of six failed banks in 2010 and 2011. The payment allows the company to eliminate a loss-share indemnification asset that totaled $63.2 million at Dec. 31, along with an FDIC clawback payable that totaled $13.8 million at the end of last year.
The early termination "produces a mutually beneficial conclusion to our partnership with the FDIC on our legacy acquired institutions," Kent Ellert, FCB's president and chief executive, said in a press release Wednesday. "There will be an immediate positive impact to ongoing earnings."
The buyout eliminates $55 million in future amortization expenses, including an estimated $24 million this year.
