BRADENTON — Regulators have shut down Flagship National Bank, headquartered in Bradenton.
Police escorted regulators from the Office of Comptroller of the Currency and the Federal Deposit Insurance Corp. into the bank at 6 p.m. today to announce the closure.
First Federal Bank of Florida of Lake City has acquired all of the bank's assets, and on Monday the former Flagship National Bank locations will reopen as branches of First Federal Bank of Florida.
Flagship National Bank had $194 million in assets and $178 million in deposits as of June 30.
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The failure of Flagship, which has three branches in Sarasota, ends more than a year of financial deterioration for the FDIC-insured institution.
The bank reported a $7.1 million loss at the end of 2008, and has seen its non-current loans and leases spike from $3.9 million in June 2008 to $25.4 million in June 2009.