The Federal Deposit Insurance Corp. (FDIC) reported one bank failure last week – First National Bank of Florida, located in Milton, Fla. The bank was closed by the Office of the Comptroller of the Currency, and its assets were acquired by West Point, Ga.-based CharterBank.
As of June 30, the First National Bank of Florida had approximately $296.8 million in total assets and $280.1 million in total deposits. The FDIC and CharterBank entered into a loss-share transaction on $216.3 million of the First National Bank of Florida's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $46.9 million. The First National Bank of Florida is the 71st FDIC-insured institution to fail in the nation this year, and the 11th in Florida.
