The First National Bank of Florida, Milton, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of The First National Bank of Florida.
All fine, right? All insured depositors are protected, we’re all ok.
Right?
Yes, from that point of view – so far.
So what’s the problem, you ask? Right here:
