Premier American Bank is a United States bank insured by the Federal Deposit Insurance Corporation (FDIC) that is based in Miami, Florida. The bank currently has over $400 million in total assets and is well capitalized. Premier American was established by a group of prominent South Florida businessmen in September 2001 who were looking to establish a community bank in the area. Due to the recession which occurred in the wake of the September 11 attacks in 2001, the bank suffered through some difficult times. But Premier American pulled through and had its first profitable year in 2004. The bank's profitability and total assets in the subsequent three years has grown significantly. The bank currently has 88 employees. Premier American is a local bank, and as such, their business model is based on providing hands-on customer service along with a wide range of products.
Miami-based Premier American Bank was closed by regulators on Friday January 22, 2010, marking the fifth bank failure of 2010. Premier American Bank had roughly $350.9 million in assets and $326.3 million in deposits as of Sept. 30, the Federal Deposit Insurance Corp. said. The bank's failure will cost the federal deposit insurance fund $85 million, the FDIC said
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