Regulators Shut a Community Bank in Florida

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.

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