10th Ranked bank Fails

A leading candidate to fail for some time, The First National Bank of Florida based in Milton, Florida was closed today by the Office of the Comptroller of the Currency. First National was ranked 10th on the most recent list. The approximately $296.8 million in total assets and $280.1 million in total deposits of the former First National were taken over by CharterBank (un-ranked as a former OTS regulated bank) of West Point, Georgia. The FDIC and CharterBank entered into a loss-share transaction on $216.3 million of The First National Bank of Florida's assets. The expected cost to the Deposit Insurance Fund (DIF) will be $46.9 million.

Please note: We are doing everything we can to update the list for the current quarter. Due to changes in the regulatory framework for previously OTS overseen banks and other technical issues, The Bank Blog is not certain when the next list will be posted. The models employed herein are based on the expectations for a failure up to a year into the future. Our research has shown that the highest ranks fail not only more often but also faster, hence our desire to update the list as often as possible. Nonetheless, the list continues to provide an accurate reflection of bank soundness as evidenced by the continuing accuracy in the last few weeks.

The Bank Blog