WASHINGTON - State regulators in Florida closed the $25 million-asset Bank of Jackson County, located in Graceville, the 23rd institution to fail this year.
In a rare midweek seizure, the Federal Deposit Insurance Corp. announced a deal to sell the failed banks $25 million in deposits and most of its assets to First Federal Bank of Florida in Lake City. Friday is typically the day when regulators close a failed institution.
First Federal agreed to assume all of Bank of Jackson Countys deposits and acquire $23.1 of its assets. The FDIC will keep the remaining assets for later disposition. The failed banks two branches will reopen beginning Thursday morning as branches of First Federal.
The failure is estimated to cost about $5 million to the Deposit Insurance Fund. Bank of Jackson County was the fourth institution to fail this year in Florida.