First Priority Bank of Bradenton, Fla., was closed late Friday by the state Commissioner of Financial Regulation, after the bank announced earlier in the day that it was critically undercapitalized.The Federal Deposit Insurance Corporation was named receiver, and arranged a purchase and assumption agreement with SunTrust (STI - Get Report). The failed institution's six branches will reopen Monday as branches of SunTrust Bank, which has assumed First Priority's $214 million in insured deposits.
Florida Closes First Priority Bank
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