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WASHINGTON — Regulators on Friday closed a small bank in Florida, raising to 71 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. seized First National Bank of Florida, based in Milton, Fla. The bank had $296.8 million in assets and $280.1 million in deposits. CharterBank, based in West Point, Ga., agreed to assume the assets and deposits of the bank.
The pace of closures has eased in 2011 as the economy has slowly improved and banks work their way through the bad debt accumulated in the recession. By this time last year, regulators had shuttered 119 banks.
