SunTrust acquires 8th U.S. bank to fail this year
|
| Posted
:
Fri, 01 Aug 2008 22:32:14 GMT |
| Author
:
Reuters |
| Category
:
US (Business) |
| News
Alerts by Email click
here ) |
|
|
|
US Business News |
Home
|
|
|
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)
(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
|
|
|
|
|
|
|
|
|
