Florida Bank Fails; 2011 Tally at 71

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 failed bank was previously included in TheStreet's second-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by SNL Financial.

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 Coverage

The 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:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.

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-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.