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Depositors of Plantation Federal Bank will have their accounts transferred to First Federal Bank in Charleston, S.C., which agreed to assume that bank's deposits and assets. Plantation Federal Bank had six branches, about $486.4 million in assets and $440.5 million in deposits. First Federal Bank entered into a loss-share pact with the FDIC on $221.7 million of Plantation Federal's assets. Palm Desert National Bank, which operated one branch, had about $125.8 million in assets and $122.8 million in deposits. Pacific Premier Bank agreed to assume the failed bank's deposits and essentially all of its assets. Regulators could not find another bank to take over the assets and deposits of Bank of the Eastern Shore, so the FDIC took over the bank, renaming it the Deposit Insurance Bank of Eastern Shore. The bank had $166.7 million in assets and $154.5 million in deposits. Eastern Shore accountholders will have until May 25 to access their insured deposits and move them to other banks. Afterward, the FDIC will close it for good. The FDIC insures up to $250,000 per depositor. Customers with certificates of deposits and individual retirement accounts will receive their funds by check, the FDIC said.
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