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VENICE - Florida Community Bank -- the institution that had lent $21 million to troubled Venice home builder Jacques Cloutier -- was closed by state and federal regulators on Friday.
The bank, which operated branches in Port Charlotte and Punta Gorda, was closed by the Florida Office of Financial Regulation and immediately sold to Premier American Bank of Miami, a bank newly formed from the ashes of another that failed last week.
The Friday closing was Florida's second bank failure of 2010 and will cost the federal fund for such institutions $352.6 million.
Florida Community was one of the only lenders that had not foreclosed on Cloutier, the owner of one of the region's largest builders, J&J Homes.
Sunday, January 31, 2010
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