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Florida: FirstAtlantic Bank Assumes Deposits of Heritage Bank of North Florida

 

April 22 - Heritage Bank of North Florida, Orange Park, has been closed by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with FirstAtlantic Bank, Jacksonville, Fla., to assume all of the deposits of Heritage Bank of North Florida.

As of Dec. 31, 2012, Heritage Bank of North Florida had approximately $110.9 million in total assets and $108.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, FirstAtlantic Bank agreed to purchase essentially all of the assets.

Customers with questions about the transaction should call the FDIC toll-free at 800-357-7599. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/heritagebank-fl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $30.2 million. Compared to other alternatives, FirstAtlantic Bank's acquisition was the least costly resolution for the FDIC's DIF. Heritage Bank of North Florida is the seventh FDIC-insured institution to fail in the nation this year, and the first in Florida.


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