1 Bank Closed on Sept. 9

71 Banks and 17 CUs Failed so Far in 2011
1 Bank Closed on Sept. 9
One bank was closed by state and federal banking regulators on Friday, Sept. 9. This failure brings the year's tally to 88 failed institutions.

The latest failure:

The First National Bank of Florida, Milton

The First National Bank of Florida, Milton, Fla., was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Ga., to assume all of the deposits of The First National Bank of Florida.

As of June 30, The First National Bank of Florida had approximately $296.8 million in assets and $280.1 million in deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $46.9 million.

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