""Charter Financial Corporation"":http://www.charterco.com/ is growing, via its acquisition of ""The First National Bank of Florida"":http://www.fnbfl.com/. Conducting the deal through its wholly owned subsidiary, ""CharterBank"":https://www.charterbk.com/home/home, Charter structured an agreement with the ""Federal Deposit Insurance Corporation"":http://www.fdic.gov/ to assume all deposits as well as certain assets of the Milton, Florida-based bank.[IMAGE]
The First National Bank of Florida was officially declared closed today by the Office of the Comptroller of the Currency, and the FDIC was named as its receiver. Charter's purchase and assumption agreement gives them total deposits and nearly all of the former assets of[COLUMN_BREAK]
The First National Bank of Florida, and the deal includes loss share coverage of 80 percent of losses resulting from the disposition of loans and foreclosed real estate held by the financial institution.
Beginning this week, each of the bank's eight locations will reopen under the Charter banner, and all account holders will now be depositors of CharterBank, with continuing insurance provided by the FDIC. The recent acquisition represents Charter's third FDIC-assisted transaction, and the financial institution will now boast operations and branches in Georgia, Alabama, and the Florida Panhandle.
Commenting on the move, Charter Financial's CEO Robert Johnson, said, ""We welcome the customers and employees of The First National Bank of Florida to the CharterBank family. Customers can be confident that their deposits are safe and readily available.├âÔÇÜ├é┬á CharterBank is firmly rooted in small town banking and has a rich history of serving and bringing out the best from its communities since its founding in 1954.""
Charter will gain an estimated $253 million in total deposits and $189.5 million in loans through its transaction with The First National Bank of Florida. ""Stifel, Nicolaus & Company"":http://www.stifel.com/framesetURL.asp?URL=/homepageFrameset.asp consulted Charter on its newest FDIC deal; Georgia-based Charter will continue to serve as a savings and loan holding company as it expands its reach as a full-service community bank.