Home Banking Regulators shut Florida financial institution in third failure of 2020

Regulators shut Florida financial institution in third failure of 2020

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First Metropolis Financial institution of Florida was closed by state regulators late Friday within the third failure of the 12 months and the primary since April.

The $134.7 million-asset financial institution based mostly in Fort Walton Seaside had suffered “longstanding capital and asset high quality points” that have been unrelated to the current financial fallout from the COVID-19 pandemic, the Federal Deposit Insurance coverage Corp. stated in a press launch.

The FDIC stated that the $1.2 billion-asset United Constancy Financial institution in Evansville, Ind., will purchase the failed financial institution’s operations, together with roughly all of its belongings. The customer additionally agreed to imagine all of First Metropolis Financial institution of Florida’s $131.4 million of deposits. United Constancy has acquired 4 different failed banks since 2014, in line with the FDIC.

The failure is estimated to price the Deposit Insurance coverage Fund $10 million.

The financial institution’s closure was the trade’s first failure since regulators closed the $152 billion-asset First State Financial institution in Barboursville, W.Va., on April 3. First State was acquired by the $2.2 billion-asset MVB Financial institution in Fairmont, W.Va.

First Metropolis Financial institution of Florida had misplaced greater than $3 million since 2017 and had not turned an annual revenue since 2016, in line with FDIC information. Based in 1948, it’s the first establishment to be shuttered within the Sunshine State since 2015.

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