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First Federal Bank Of Florida Assumes All Deposits Of Bank Of Jackson County

Wednesday, October 30, 2013 - 5:14 PMFirst Federal Bank of Florida - Details
From the FDIC:

Bank of Jackson County, Graceville, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Federal Bank of Florida, Lake City, Florida, to assume all of the deposits of Bank of Jackson County.

The two former branches of Bank of Jackson County will reopen as branches of First Federal Bank of Florida at 10 a.m., CDT, Thursday, October 31, 2013. Depositors of Bank of Jackson County will automatically become depositors of First Federal Bank of Florida. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.

... As of June 30, 2013 Bank of Jackson County had approximately $25.5 million in total assets and $25.0 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.

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