FIs Closed: First National Bank of Florida, Milton, Florida, USA
On Friday, 9 September, 2011, The First National Bank of Florida, Milton, Florida was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of The First National Bank of Florida.
The eight branches of The First National Bank of Florida have reopened as branches of CharterBank.
As of 30 June, 2011, The First National Bank of Florida had approximately USD296.8 million in total assets and USD280.1 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD46.9 million.
The First National Bank of Florida is the 71st FDIC-insured institution to fail in the USA this year and the eleventh in Florida.
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