Tampa's First Commercial fails

TAMPA — First Commercial Bank of Tampa Bay was closed by the Florida Office of Financial Regulation on Friday. Fort Lauderdale-based Stonegate Bank has agreed to assume its deposits, through an agreement with the Federal Deposit Insurance Corp.

As of March 31, First Commercial managed $92.6 million in total deposits. The bank's failure will cost the FDIC's Deposit Insurance Fund $28.5 million, according to an FDIC estimate, after Stonegate Bank pays a 0.50% premium on the deposits it is acquiring. First Commerical depositors will automatically have their accounts transferred to Stonegate Bank.

In addition to assuming First Commercial's deposits, Stonegate is also acquiring $72.3 million of the bank's outstanding loans, a release says.

First Commercial Bank of Tampa Bay is the sixth FDIC-insured bank in Florida to fail this year, and the 47th in the country.

Earlier this month, First Commercial received a zero-star rating from Bauer Financial, indicating serious problems with the bank's management. Click here for a full list of Gulf Coast banks rated zero stars.