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Florida Bank Becomes 126th Failure This Year

A small Bank in Florida has joined the long list of failed banks this year. It is the 126th bank to fail in 2010. This is also the 24th bank to fail in the state of Florida alone this year.

Haven Trust Bank Florida Shutdowns

Haven Trust Bank Florida Shutdowns

Regulators on Friday shut down a small bank in Florida, lifting to 126 the number of bank failures this year. The Federal Deposit Insurance Corporation  took over Haven Trust Bank Florida, a Ponte Vedra Beach institution with $148.6 million in assets and $133.6 million in deposits.

First Southern Bank, based in Boca Raton, Fla., agreed to assume the assets and deposits of the failed bank. In addition, the F.D.I.C. and First Southern Bank agreed to share losses on $127.3 million of Haven Trust Bank Florida’s loans and other assets.

The failure of Haven Trust Bank Florida is expected to cost the deposit insurance fund $31.9 million. It was the 24th bank in Florida to fail this year.

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