SunTrust acquires 8th U.S. bank to fail this year
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Fri, 01 Aug 2008 22:32:14 GMT |
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Reuters |
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US (Business) |
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WASHINGTON (Reuters) - SunTrust Bank has acquired Florida-based First Priority Bank, the eighth U.S. bank to fail this year as financial institutions grapple with a weak economy and a credit crisis precipitated by falling home prices.The Federal Deposit Insurance Corp said on Friday that Florida regulators closed the bank, which had $259 million in assets and $227 million in deposits. The FDIC was named receiver.The cost of the failure to the federal insurance fund is estimated to be $72 million, the FDIC said.(Reporting by John Poirier; Editing by Tim Dobbyn)
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