Morgan Buys Florida Thrift

J.P. Morgan & Co. on Friday bought the deposits of a failed Florida thrift, gaining the right to offer full banking services in the state.

Morgan acquired $203 in deposits and $7.4 million in assets of Investors Federal Savings Bank, Deerfield Beach. The price was not disclosed.

The main office will reopen Monday under the name J.P. Morgan Florida FSB. A second branch, in Hallandale, will not reopen.

The New York banking giant is expected to use the charter to provide expanded banking services to customers of its Florida trust company. That unit previously could not take deposits and offer checking accounts.

In March, Morgan applied for a thrift charter with the Office of Thrift Supervision in Atlanta. In approving the acquisition, the OTS said Morgan could have a de novo charter.

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