Three Community Banks Are Shut Down

13691_closed Three Community Banks Are Shut Down Two Florida banks and one Kentucky bank were shut down on Friday.

Chipola Community Bank, based in Marianna, Fla., was closed by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Lake City, Fla.-based First Federal Bank of Florida to assume all of the deposits of Chipola Community Bank. As of Dec. 31, 2012, Chipola Community Bank had approximately $39.2 million in total assets and $37.6 million in total deposits.

Orange Park, Fla.-based Heritage Bank of North Florida was also closed by the Florida Office of Financial Regulation. The FDIC, in its capacity as receiver, entered into a purchase and assumption agreement with FirstAtlantic Bank of Jacksonville, Fla., to assume all of the deposits of Heritage Bank of North Florida. As of Dec. 31, 2012, Heritage Bank of North Florida had approximately $110.9 million in total assets and $108.5 million in total deposits.

First Federal Bank, based in Lexington, Ky., was closed by the Office of the Comptroller of the Currency. The FDIC, in its capacity as receiver, entered into a purchase and assumption agreement with Your Community Bank, based in New Albany, Ind., to assume all of the deposits of First Federal Bank. As of Dec. 31, 2012, First Federal Bank had approximately $100.1 million in total assets and $93.9 million in total deposits.

The three closures bring this year's total number of bank failures to eight.

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