FDIC Closes First Priority Bank

The First Priority Bank is the latest Bank to be closed by the FDIC. The First Priority Bank of Bradenton, Fla., was closed late Friday by the state Commissioner of Financial Regulation, after the bank announced earlier in the day that it was critically undercapitalized. This is the eight bank to be closed this year and many analysts are expecting more to close before the end of the year. These bank failures show just how weak our economy actually is. The FDIC has 90 banks on its list of troubled banks and that number could even by higher now.

First Priority Bank’s assets will be assumed by Suntrust bank and Suntrust will take over the total assets of $259 million with uninsured deposits totaling approximately $13 million. Bank Failures normally consist of the assets as well as debts being assumed by the other bank. Sometimes people lose their money and sometimes they do not. hopefully  all the people who are depositors in the First Priority Bank will be fine with this bank failure and not lose any of their money.

 

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