Charter Financial (CHFN) Acquires First National Bank of Florida
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Charter Financial Corporation (NASDAQ: CHFN) announced today that its wholly owned subsidiary, CharterBank, has entered into a definitive agreement with the Federal Deposit Insurance Corporation to assume the deposits and certain assets of The First National Bank of Florida.
The Office of the Comptroller of the Currency declared The First National Bank of Florida in Milton, Florida, closed today and appointed the FDIC as receiver for The First National Bank of Florida. CharterBank entered into a purchase and assumption agreement whereby CharterBank assumed all of the deposits and substantially all of the assets of The First National Bank of Florida.
The purchase and assumption transaction includes loss share coverage of 80% of losses incurred on the disposition of loans and foreclosed real estate.
All of the branches of The First National Bank of Florida will reopen as branches of CharterBank at their next regularly scheduled hours of operation on either Saturday, September 10, 2011 or Monday, September 12, 2011.
The Office of the Comptroller of the Currency declared The First National Bank of Florida in Milton, Florida, closed today and appointed the FDIC as receiver for The First National Bank of Florida. CharterBank entered into a purchase and assumption agreement whereby CharterBank assumed all of the deposits and substantially all of the assets of The First National Bank of Florida.
The purchase and assumption transaction includes loss share coverage of 80% of losses incurred on the disposition of loans and foreclosed real estate.
All of the branches of The First National Bank of Florida will reopen as branches of CharterBank at their next regularly scheduled hours of operation on either Saturday, September 10, 2011 or Monday, September 12, 2011.
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