Feds Shut Down First National Bank Of Crestview, FL

(RTTNews) - Regulators have closed a small lender in Florida, making it the first U.S. bank failure of 2015 following 18 closures last year. The Federal Deposit Insurance Corp. or FDIC announced Friday afternoon that First National had been closed by the Office of the Comptroller of Currency.

First National Bank of Crestview operated three branches and had $78.7 million in assets and $78.6 million in deposits, as of September 30, 2014.

New Orleans-based First NBC Bank, a subsidiary of First NBC Bank Holding Co. (FNBC), agreed to assume all of First National Bank of Crestview's deposits and to buy about $62 million of the failed bank's assets. Following the Martin Luther King, Jr. Day holiday, the three former branches of First National Bank of Crestview will reopen as branches of First NBC Bank on Tuesday.

The bank failure is likely to cost the federal deposit insurance fund $4.4 million.