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Florida: First Federal Bank of Florida Assumes Deposits of Chipola Community Bank

 

April 22 - Chipola Community Bank, Marianna, Fla., 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 First Federal Bank of Florida, Lake City, to assume all of the deposits of Chipola Community Bank.

As of Dec. 31, 2012, Chipola Community Bank had approximately $39.2 million in total assets and $37.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Federal Bank of Florida agreed to purchase essentially all of the assets.

Customers with questions about the transaction should call the FDIC toll-free at 800-331-6306.Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/chipola.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $10.3 million. Compared to other alternatives, First Federal Bank of Florida's acquisition was the least costly resolution for the FDIC's DIF. Chipola Community Bank is the eighth FDIC-insured institution to fail in the nation this year, and the second in Florida.

 

 


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