FDIC Shutters Two Florida Banks

The Federal Deposit Insurance Corp. shut down seven banks across the country on Friday, including two in Florida.

First Bank of Jacksonville and Progress Bank, based in Tampa, were shuttered by the FDIC in order to protect depositors.

Ameris Bank, in Moultrie, Ga., agreed to assume the deposits of First Bank of Jacksonville, which stood at $77.3 million as of June 30. Ameris Bank also purchased First Bank's assets, valued at $81 million as of June 30. First Bank branches will open as Ameris Bank branches Monday.

Bay Cities Bank -- also based in Tampa -- will purchase the deposits of Progress Bank, which stood at $101.3 million as of June 30. Progress Bank's assets, some $110.7 million as of June 30, were also purchased by Bay Cities Bank. Progress Bank branches will open as Bay Cities Bank branches Monday.

The banks were the 26th and 27th Florida banks to fail this year.

Other banks closed around the nation include the following: Hillcrest Bank(based in Overland Park, Kan., $1.6 billion in assets), First Arizona Savings (based in Scottsdale, Ariz., $272.2 million in assets), First Suburban National Bank (based in Maywood, Ill., $148.7 million in assests), First National Bank of Barnesville (based in Barnesville, Ga., $131.4 million in assets), and Gordon Bank (based in Gordon, Ga., $29.4 million in assets).