State regulators Friday closed the three institutions owned by $1.5 billion-asset Bank of Florida Corp. in Naples.
EverBank, in Jacksonville, agreed to acquire the operations of all three: Bank of Florida — Southeast in Fort Lauderdale, Bank of Florida — Southwest in Naples and Bank of Florida — Tampa Bay. The three failures together were estimated to cost the Federal Deposit Insurance Corp. $203 million.
Under the transactions, EverBank will assume all $1.3 billion of the failed banks' deposits and acquire virtually all of their assets. The FDIC and the acquirer will share losses on $437 million of assets for Bank of Florida - Southeast, $568 million of assets for Bank of Florida — Southwest and $211 million of assets for Bank of Florida — Tampa Bay.
