On Friday, the Florida Office of Financial Regulation closed First Bank of Jacksonville, headquartered in Jacksonville, Florida, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Ameris Bank, headquartered in Moultrie, Georgia, to assume all of the deposits of the failed bank.
As of June 30, 2010, First Bank of Jacksonville had approximately $81.0 million in total assets and $77.3 million in total deposits. Ameris Bank did not pay the FDIC a premium for the deposits of First Bank of Jacksonville, but did agree to purchase essentially all of the failed bank's assets. The FDIC and Ameris Bank entered into a loss-share transaction on $60.0 million of First Bank of Jacksonville's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $16.2 million. First Bank of Jacksonville is the 133rd FDIC-insured institution to fail in the nation this year, and the 26th in Florida. This is the fourth failed bank acquired by Ameris Bank.