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FDIC ClosesThree Banks

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WASHINGTON (2/23/13)--The Federal Deposit Insurance Corp. announced that three U.S. banks were closed last week and their assets assumed by other banks. The three failures bring this year's total to eight.

First Federal Bank, Lexington, Ky., was assumed by Your Community Bank, New Albany, Ind. As of Dec. 31, First Federal had roughly $100.1 million in total assets and $93.9 million in total deposits. The FDIC estimates the failure will cost to the Deposit Insurance Fund $9.7 million.

Heritage Bank of North Florida, Orange Park, Fla., was assumed by First Atlantic Bank, Jacksonville, Fla. The cost of the failure will be $30.2 million, the FDIC estimates. Heritage Bank of North Florida had about $110.9 million in total assets and $108.5 in total deposits as of Dec. 31.

Chipola Community Bank, Marianna, Fla., was assumed by First Federal Bank of Florida, Lake City, Fla. Chipola Community Bank had about $39.2 million in total assets and $37.6 million in total deposits as of Dec. 31. The failure will cost the Deposit Insurance Fund $10.3 million, the FDIC said.