First State Bank, Sarasota, FL

The FDIC remains on the prowl tonight after closing First State Bank, Sarasota, FL, without warning. The stealthy takedown made First State Bank the 70th of 2009 and the fifth in Florida.

First State Bank, Sarasota, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, Minnesota, to assume all of the deposits of First State Bank, excluding those from brokers.

The nine branches of First State Bank will reopen on Monday as branches of Stearns Bank, N.A. Depositors of First State Bank will automatically become depositors of Stearns Bank, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Stearns Bank, N.A. can fully integrate the deposit records of First State Bank.

For more information, visit the official FDIC webpage for First State Bank.

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