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Safety and Soundness: Failed Bank Review of The First National Bank of Florida. Audit Report.

PB2014107434

Publication Date	2011
Page Count	6
Abstract	This memorandum presents the results of our review of the failure of The First National Bank of Florida (FNB Florida) located in Milton, Florida. The bank opened in 1984 and operated eight offices, a main office in Milton and seven branches located in a three-county area in the Florida panhandle. The bank did not have a holding company. The Office of the Comptroller of the Currency (OCC) closed FNB Florida and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver on September 9, 2011. As of June 30, 2011, FNB Florida had approximately $296.8 million in total assets and $280.1 million in total deposits. As of September 30, 2011, FDIC estimated the loss to the Deposit Insurance Fund to be $48.4 million. Because the estimated loss to the Deposit Insurance Fund is less than $200 million, as set forth by section 38(k) of the Federal Deposit Insurance Act, we conducted a review of the failure of FNB Florida that was limited to (1) ascertaining the grounds identified by OCC for appointing the FDIC as receiver and (2) determining whether any unusual circumstances exist that might warrant a more in-depth review of the loss.
Keywords	Banking Failures Assets Audits Deposits Federal government Financial management Loans Losses First National Bank of Florida Federal Deposit Insurance Corporation(FDIC) Milton(Florida)
Source Agency	Department of Treasury - General
Corporate Authors	Office of the Secretary of the Treasury, Washington, DC. Office of the Inspector General.
Document Type	Technical Report
NTIS Issue Number	201421

Safety and Soundness: Failed Bank Review of The First National Bank of Florida. Audit Report.

Safety and Soundness: Failed Bank Review of The First National Bank of Florida. Audit Report.
PB2014107434

Publication Date	2011
Page Count	6
Abstract	This memorandum presents the results of our review of the failure of The First National Bank of Florida (FNB Florida) located in Milton, Florida. The bank opened in 1984 and operated eight offices, a main office in Milton and seven branches located in a three-county area in the Florida panhandle. The bank did not have a holding company. The Office of the Comptroller of the Currency (OCC) closed FNB Florida and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver on September 9, 2011. As of June 30, 2011, FNB Florida had approximately $296.8 million in total assets and $280.1 million in total deposits. As of September 30, 2011, FDIC estimated the loss to the Deposit Insurance Fund to be $48.4 million. Because the estimated loss to the Deposit Insurance Fund is less than $200 million, as set forth by section 38(k) of the Federal Deposit Insurance Act, we conducted a review of the failure of FNB Florida that was limited to (1) ascertaining the grounds identified by OCC for appointing the FDIC as receiver and (2) determining whether any unusual circumstances exist that might warrant a more in-depth review of the loss.
Keywords	Banking Failures Assets Audits Deposits Federal government Financial management Loans Losses First National Bank of Florida Federal Deposit Insurance Corporation(FDIC) Milton(Florida)
Source Agency	Department of Treasury - General
Corporate Authors	Office of the Secretary of the Treasury, Washington, DC. Office of the Inspector General.
Document Type	Technical Report
NTIS Issue Number	201421