Regulators Shut Florida Bank

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Source: The Wall Street Journal

U.S. regulators closed another bank in Florida, which, with 11 failures, is the second most failure-prone state this year behind Georgia.

The Federal Deposit Insurance Corp. said First National Bank of Florida, based in the city of Milton, was closed Friday by the Office of the Comptroller of the Currency. CharterBank of West Point, Ga., the operating subsidiary of Charter Financial Corp., agreed to take over First National as part of a purchase-and-assumption deal with the FDIC.

According to the FDIC, First National Bank of Florida had about $296.8 million in total assets and $280.1 million in total deposits, with eight branches as of June 30.

In addition to assuming all of the deposits of the failed bank, CharterBank entered into a loss-share transaction on $216.3 million of First National Bank of Florida's assets.

Read more: http://online.wsj.com/article/SB10001424053111903285704576561204049684120.html

[dixiegrrrrl]

1. Ironically, a Ga bank takes over the closed Fla. bank.