Below are excerpts from the FDIC's press release. One thing to note is that like IndyMac's closure, the FDIC is covering 50% of the uninsured deposits. The one big difference is there were only $13 million in potential uninsured deposits as compared to $1 billion at IndyMac.

First Priority Bank, Bradenton, Florida, was closed today by the Florida regulators, and the FDIC was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SunTrust Bank to assume the insured deposits.

First Priority had total assets of $259 million and total deposits of $227 million. At the time of closing, there were approximately $13 million in uninsured deposits held in approximately 840 accounts that potentially exceeded the insurance limits.

In addition to continued access to their insured deposits, depositors of First Priority with amounts exceeding the insurance limits will receive a payment of 50 percent of their uninsured balance from the FDIC as receiver.

 

Submitted: Aug 1, 2008    Views: 261    Comments: 0    Likes: 1   


View Article: http://www.fdic.gov/news/news/press/2008/pr08065.html


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