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
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.