Getting your player ready...
WASHINGTON — Regulators on Friday shut down Republic Federal Bank in Florida, the 131st to succumb so far this year as U.S. banks big and small have been undermined by sour loan portfolios and the battered economy.
The Federal Deposit Insurance Corp. took over Miami- based Republic Federal, with $433 million in assets and $352.7 million in deposits.
Boca Raton, Fla.-based 1st United Bank agreed to assume all the deposits and $267.1 million of the assets of the failed bank. The FDIC will retain the rest for eventual sale.
