Friday, the Florida Office of Financial Regulation closed The Bank of Bonifay, headquartered in Bonifay, Florida, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First Federal Bank, headquartered in Lake City, Florida, to assume all of the deposits of The Bank of Bonifay.

As of March 31, 2010, The Bank of Bonifay had approximately $242.9 million in total assets and $230.2 million in total deposits. First Federal Bank did not pay the FDIC a premium to assume the deposits of The Bank of Bonifay, but did agree to purchase approximately $78.1 million of the failed bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $78.7 million. The Bank of Bonifay is the 65th FDIC-insured institution to fail in the nation this year and the tenth in Florida.