Progress Bank shut down

Regulators at the Florida Office of Financial Regulation shut down Progress Bank of Florida, a Tampa-based institution, on Friday.

As of June 30, Progress Bank managed approximately $101.3 million in total deposits, compared to $110.7 million in total assets, according to the Federal Deposit Insurance Corp.

Deposit accounts have been transferred to Bay Cities Bank and are available immediately. Additionally, Bay Cities Bank has agreed to purchase “essentially all” of Progress' former assets, the FDIC said in a release.

Progress' failure, the 27th bank closing in Florida this year, could cost the Deposit Insurance Fund $25 million, according to an FDIC estimate.