On Friday, the Office of the Comptroller of the Currency closed Community National Bank at Bartow [http://www.occ.treas.gov/ftp/release/2010-101.htm], headquartered in Bartow, Florida, and Independent National Bank, headquartered in Ocala, Florida, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, headquartered in Winter Haven, Florida, to assume all of the deposits of the two failed banks.

As of June 30, 2010, Community National Bank at Bartow had total assets of $67.9 million and total deposits of $63.7 million while Independent National Bank had total assets of $156.2 million and total deposits of $141.9 million. CenterState Bank did not pay the FDIC a premium to assume the deposits of either bank, but did agree to purchase essentially all of the failed banks’ assets. CenterState Bank and the FDIC entered into a loss-share transaction on $51.9 million of the Community National Bank’s assets and $119.7 million of Independent National Bank’s assets.

The FDIC estimates that the cost to the Deposit Insurance Fund of the Community National Bank failure will be $10.3 million and the cost of Independent National Bank failure will be $23.2 million. These are is the 111th and 112th FDIC-insured institutions to fail in the nation this year and the 21st and 22nd in Florida. CenterState Bank of Florida previously acquired another failed Florida bank in January 2009, in addition to acquisitions by its affiliate, CenterState Bank of Florida, N.A..