Interest Rate Roundup

Monday, August 04, 2008

Another Friday, another failure

I know, I know, it's a bit late to be talking about what happened on Friday. But the weekends are for enjoying, not necessarily for blogging about bank failures. So there you go. Anyway, this past Friday's bank failure wasn't as big a deal as some of the others we've seen lately. First Priority Bank of Brandeton, FL went under, and the FDIC helping facilitate the sale of its insured deposits and six branches to SunTrust Bank.

First Priority had total assets of $259 million and total deposits of $227 million as of June. Roughly $13 million in uninsured deposits were on the books, split among about 840 account holders. Some assets from the bank will go to SunTrust; Other assets will go to LNV Corp. of Plano, Texas. Cost to the FDIC insurance fund of the failure: An estimated $72 million.


Post a Comment

<< Home

Site Meter