The Office of the Comptroller of the Currency closed First National Bank of Florida, in Milton, on Friday.
CharterBank of West Point, Ga., agreed to assume the bank's $280.1 million of deposits and buy essentially all of its $296.8 million of assets. CharterBank and the Federal Deposit Insurance Corp. entered into a loss-share arrangement on $216.3 million of the assets.
First National's failure is expected to cost the Deposit Insurance Fund $46.9 million, an FDIC release said.
It was the 71st bank to fail this year and the 11th in Florida.
The $955 million-asset CharterBank acquired failed banks in Georgia in 2009 and 2010. It has branches in Georgia and Alabama.