12th bank in Florida fails

CLEARWATER — The FDIC closed Clearwater-based Old Harbor Bank Friday, bringing the number of failed banks in Florida to 12 for the year and the number closed nationwide to 81.

Boca Raton-based 1st United Bank has assumed the deposits of Old Harbor Bank and taken over the operation of its seven branches. As of June 30, Old Harbor had approximately $215.9 million in assets and $217.8 million in deposits.

The FDIC and 1st United Bank have reached an agreement to share $155.6 million in losses on Old Habor Bank's assets. The FDIC estimates that the closing of Old Harbor will cost its Deposit Insurance Fund $39.3 million.

In July, shareholders at Lakewood Ranch-based Community Bank were preparing to invest $25 million in Old Harbor, but called the deal off in August.