Flagship National Bank, Bradenton, Florida, was closed October 23, 2009 by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. First Federal Bank of Florida, Lake City, Florida will assume all of the deposits of Flagship National Bank.

As of August 31, 2009, Flagship National Bank had total assets of $190 million and total deposits of approximately $175 million, and four branches. First Federal Bank of Florida did not pay the FDIC a premium for the deposits of Flagship National Bank. In addition to assuming all of the deposits of the failed bank, First Federal Bank of Florida agreed to purchase essentially all of the assets.

The FDIC and First Federal Bank of Florida entered into a loss-share transaction on approximately $130 million of Flagship National Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $59 million.

Flagship National Bank is the 103rd FDIC-insured institution to fail in the Nation this year, and the ninth in Florida.

Cert # 35044

Sinclair Noe

Bank-o-meter.com

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