FDIC Announces Collapse of Florida Bank

A Florida bank became the 23rd FDIC-insured institution to fall this year, the agency announced Wednesday.

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The ""Florida Office of Financial Regulation"":http://www.flofr.com/ made the call to close the Bank of Jackson County, located in Graceville. Acting as receiver, ""FDIC"":http://fdic.gov/ announced a purchase and assumption agreement with ""First Federal Bank of Florida"":https://www.ffsb.com/home.aspx in Lake City.

According to FDIC's announcement, First Federal Bank will assume all of Bank of Jackson County's $25.0 million in total deposits (estimated as of June 30) and $23.1 million of the failed bank's $25.5 million in assets. FDIC will hold onto the remaining assets for later disposition.
The estimated cost to FDIC's Deposit Insurance Fund will be $5.1 million, the agency said.

The closure marks Florida's fourth federally insured bank collapse of 2013, making it the most active state so far this year for bank failures.