Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Florida bank closed and purchased
The FDIC has reported that First City Bank of Florida, Fort Walton Beach, Florida, was closed Friday by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The failed bank experienced longstanding capital and asset quality issues, operating with financial difficulties dating back to 2009, which are not related to the current economic conditions resulting from the pandemic.
To protect depositors, the FDIC entered into a purchase and assumption agreement with United Fidelity Bank, fsb in Evansville, Indiana, to assume all of the deposits of First City Bank of Florida. As of June 30, 2020, First City Bank of Florida had approximately $134.7 million in total assets and $131.4 million in total deposits. In addition to assuming all of the deposits, United Fidelity Bank, fsb agreed to purchase essentially all of the failed bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $10 million