First Failure of the New Year

It took two full weeks before the first bank foreclosure of the new year. 59th-ranked First National Bank of Crestview based in Crestview, Florida, was closed by the OCC today.   First NBC Bank (1226th), of New Orleans, Louisiana, has agreed to assume all of the approximately $78.6 million in total deposits of First National Bank of Crestview. However, it will only acquire approximately approximately $62.0 million of the failed bank's $79.7 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.4 million.