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Area Bank Fails, Seized By FDIC
September 10, 2011
Federal regulators closed a bank Friday that has branches in Escambia and Santa Rosa counties, the 71st bank failure this year.
The First National Bank of Florida based in Milton was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CharterBank in West Point, Georgia, to assume all of the deposits of The First National Bank of Florida.
The eight branches of The First National Bank of Florida — including those in Milton, Pace, Pensacola and Milton — will reopen during their normal business hours beginning Saturday as branches of CharterBank. Depositors of The First National Bank of Florida will automatically become depositors of CharterBank. Customers of The First National Bank of Florida should continue to use their existing branch until they receive notice from CharterBank that it has completed systems changes to allow other CharterBank branches to process their accounts as well.
Over the weekend, depositors of The First National Bank of Florida can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of June 30, 2011, The First National Bank of Florida had approximately $296.8 million in total assets and $280.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, CharterBank agreed to purchase essentially all of the assets.
Comments
12 Responses to “Area Bank Fails, Seized By FDIC”
Capitalism itself is not a form of government. It is a means of using money to make more money. For instance, if you spend money to buy better seed, you have more to sell when harvest time comes. Simple capitalism but note some work is involved between purchase and sale.
Another example of capitalism is spending money to buy and begin a business whether it is a sewing business, restaurant, pool hall, sawmill. It assumes income will be enough to repay the initial investment. Sometimes that doesn’t happen. People start buying most of their clothing ready made from some other place. People quit eating out. Folks abandon pool for XBOX or whatever. The price of timber drops or people quit using wood for construction or build less.
Sometimes banks make bad loans which don’t pan out. Make enough of them and the bank goes under.
All that said, whether we have capitalism or not, we have laws separate from form of business. We have speed limits for roads — even if they’re ignored. We have restrictions on what people can sell and on purity of consumables. We don’t allow some businesses in some places.
Some of these restrictions are reasonable, some are not. They do not mean we have or don’t have capitalism.
One basic part of capitalism which is affected by government is the concept of private property. If you don’t own what you earn, you have no reason to invest time and money. Communism and socialism have reduced concepts of personal property and as a result they have to use force to get people to put out effort. Force eventually fails and government collapses or changes. (Usually the latter.)
David for private property and freedom
“Folks we got to take the government and give it back to the people.”
That in itself is a communist statement…lol… I truly believe there are few people that actually know what communism is…
Are you meaning to say, “the governement should turn to pure capitalism?”, that’s the actual basis for most statements of the tea-party types… basically a two teir system of rich and poor… those that have and those that work…
Or do you mean, a true democracy, where people vote on every issue and all votes are equal… A seemingly impossible task, but there have been many ideas on how to do it… but this would not over rule many parts of communism or capitalism since democracy is just an intrument to reach decissions…
Has anyone noticed that the width of a roll of toilet tissue is shrinking too? I buy in quantity and am rarely home so an extended period of time goes by between purchases, but the shelf I put it on hasn’t changed and I noticed it .They know we read the sheet count but they think we won’t notice a quarter inch, LOL
The banks charge for EVERYTHING. What are they doing with all that money? Oh yeah I know they lend it to people that want to pay 3 times what the value is of a house because someone bought it for 50 grand and thinks they should sell it for 150 grand, greed has killed this country now those houses are only worth 50 grand again and look who’s holding the bag!!! The BANK because we can’t pay for it if we don’t have jobs Mr. Obama…… ps quit giving the banks our money if they mishandled loans and over valued collateral then they deserve to go out of business.
Let’s see….bury my money in the back yard in a jar might be safer and pay cash for everything. I’m not earning interest anyway. I have to pay billst too quick to leave it in the bank. But the companies are forcing us to have automatic deposit…..either way you look at it…they gotcha. And you can’t cash a check for YOUR OWN MONEY anywhere without a fee….Come Soon Lord Jesus!
You can thank the communist leaders such as obama ,biden and the whole acorn gang .Folks we got to take the government and give it back to the people.
I hope a good christian leader emerges, one with good soild American core values. I would really like to see Greg Evers run for the US Senate. I think Mitt Romney is going to be my choice for 2012. I know he is a Mormon, but he is in a monogamous marriage, and appears to have a stable family, and good managerial skills. And moreover I am of the opinion National Defense should be left to the Joint Chiefs of Staff.
Well pretty scary ….I am a small business owner and may have to close my doors soon. People think things are getting better. in reality, trust me they are not. Packaging is smaller and cost more …for instance .. 2 years ago I paid about 58 bucks for 30 pounds bacon now … 30 pounds is 118.00 and the bacon is not the same quality same packing company though. Worried is not the word for how I feel right now…. Scared to death is more like it. …. Just saying ….
Hello Molino Jim. When the Yuan, replaces the dollar as the World Reserve Currency, look out. Inflation is going to explode. I ordered a large pizzia the other nigh and I am sure it was smaller that a few months ago, when I last ordered. The prices on everything is going up and, packages are getting smaller. I cannot remember the last time I saw a cost of living increse. It is more difficult every month to be altruistic. I have cut my recreactional driving and look for ways to reduce operatiing cost. I pray we are not reduced to the survival level, as a society in general.
MY BAD ON THE BANK WEB SITE. Try “ProblemBankList” . The local bank group was sold to a Ga. bank group the same week that the FED had to close two other bank groups in Ga. We may be in more trouble than we know.
429SCJ—You are right on this. There are several local banks that have over loan and have been advised to get their houses in order. Take a look at “bankcheck.com” to see how your bank is doing.
It may not be a sign of things to come but it should signal to people and our legislators in Washington that our economy is not in good shape. Many banks have failed in the last two years and continue to do so in other parts of the country. I wonder just how long the government can bail them out? Or will Berrnake just keep printing money?
I am sure this is an isolated incident, and not a sign of things to come. The important thing is not to panic and to remember, Women and Children First.