Friday, April 19, 2013

Bank Failures #7 & 8 in 2013: Both in Florida

by Bill McBride on 4/19/2013 06:14:00 PM

From the FDIC: FirstAtlantic Bank, Jacksonville, Florida, Assumes All of the Deposits of Heritage Bank of North Florida, Orange Park, Florida

As of December 31, 2012, Heritage Bank of North Florida had approximately $110.9 million in total assets and $108.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.2 million. ... Heritage Bank of North Florida is the seventh FDIC-insured institution to fail in the nation this year, and the first in Florida.
From the FDIC: First Federal Bank of Florida, Lake City, Florida, Assumes All of the Deposits of Chipola Community Bank, Marianna, Florida
As of December 31, 2012, Chipola Community Bank had approximately $39.2 million in total assets and $37.6 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.3 million. ... Chipola Community Bank is the eighth FDIC-insured institution to fail in the nation this year, and the second in Florida.
That makes three so far today ... the FDIC back at work.

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