On Friday, the Florida Office of Financial Regulationclosed Haven Trust Bank Florida, headquartered in Ponte Vedra Beach, Florida, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First Southern Bank, headquartered in Boca Raton, Florida, to assume all of the deposits of the failed bank.

As of June 30, 2010, Haven Trust Bank Florida had approximately $148.6 million in total assets and $133.6 million in total deposits. First Southern Bank did not pay the FDIC a premium for the deposits of Haven Trust Bank Florida, but did agree to purchase essentially all of the failed bank's assets. The FDIC and First Southern Bank entered into a loss-share transaction on $127.3 million of Haven Trust Bank Florida's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $31.9 million. Haven Trust Bank Florida is the 126th FDIC-insured institution to fail in the nation this year, and the 24th in Florida.