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Florida: First Federal Bank of Florida Assumes Deposits of Bank of Jackson County

 

Oct 31 - Bank of Jackson County, Graceville, 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, Fla., to assume all of the deposits of Bank of Jackson County.

As of June 30, 2013 Bank of Jackson County had approximately $25.5 million in total assets and $25 million in total deposits. In addition to assuming all of the deposits of Bank of Jackson County, First Federal Bank of Florida agreed to purchase approximately $23.1 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.

Customers with questions about the transaction should call the FDIC toll-free at 800-613-0523. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/jacksoncty.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $5.1 million. Compared to other alternatives, First Federal Bank of Florida's acquisition was the least costly resolution for the FDIC's DIF. Bank of Jackson County is the 23rd FDIC-insured institution to fail in the nation this year, and the fourth in Florida. The last FDIC-insured institution closed in the state was First Community Bank of Southwest Florida, Fort Myers, on Aug. 2, 2013.



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