Regulators Close First National Bank of Florida

WASHINGTON (AP) — Regulators have closed a small bank in Florida, raising to 71 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized First National Bank of Florida, based in Milton, Fla.. The bank had $296.8 million in assets and $280.1 million in deposits. CharterBank, based in West Point, Ga., agreed to assume the assets and deposits of the failed bank.

The failure of First National Bank of Florida is expected to cost the deposit insurance fund $46.9 million.

Source: Associated Press