MILTON, Fla. ( TheStreet) - State regulators on Friday closed The First National Bank of Florida, of Milton, Fla., bringing this year's total number of bank failures to 71.
The First National Bank of Florida had $296.8 million in total assets and $280.1 million in deposits when it was seized by the Office of the Comptroller of the Currency.
The Federal Deposit Insurance Corp. was appointed receiver and sold the failed bank to CharterBank of West Point, Ga.The FDIC agreed to cover 80% of losses on $216.3 of the failed bank's assets acquired by CharterBank, and estimated the cost of The First National Bank of Florida's failure to the deposit insurance fund would be $46.9 million. The failed bank's eight offices were set to reopen during normal business our as CharterBank branches, and customers were advised to continue using their existing branch until the acquiring bank completed systems conversions allowing its new customers to use all CharterBank branches.
Thorough Bank Failure CoverageThe First National Bank of Florida was the 11th institution to fail in the state this year. Georgia leads all state with 19 bank failures this year. All bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
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