First Federal Bank of Florida, Lake City, FL is not affiliated with First Federal of North Florida, Palatka, FL.

16 Apr 2010

by: Susan Lance

Regulators order Palatka bank to close and merge with TD Bank, N.A.  

On April 16, 2010, First Federal Bank of North Florida, Palatka, FL, was closed by regulators at the Office of Thrift Supervision.  The Federal Deposit Insurance Corporation (FDIC) was then named Receiver.  Subsequent to the closure, TD Bank National Association, Wilmington, Delaware acquired all the deposits and assets of First Federal Bank of North Florida.   

First Federal Bank of Florida, Lake City, FL is not affiliated with First Federal of North Florida, Palatka, FL. First Federal Bank of Florida ranks among the top performing banks in Florida and the U.S.A. First Federal Bank of Florida, is an independent, mutually chartered, financial institution that is strongly capitalized and profitable.  As a mutual bank, First Federal Bank of Florida depositors are the owners.  First Federal Bank of Florida is the largest of three mutual institutions in Florida. First Federal Bank of Florida offers a variety of products and services ranging from personal and business checking to commercial loans, residential mortgages, land and construction financing as well as investment services.  First Federal Bank of Florida has been serving Florida communities since 1962 and has offices in Bradenton, Dowling Park, Fernandina Beach, Lake City (3), Live Oak (2), Jasper, Macclenny, Mayo, Sarasota (3) and Yulee, Florida.

First Federal Bank would like to assist any First Federal Bank of North Florida customers who might be inconvenienced from the Palatka banks closing.  First Federal Bank of Florida Macclenny, Yulee and Fernandina Beach branches are in this general market area. 

First Federal Bank of Florida earned a safety rating of “A” which denotes “Excellent Financial Strength,” from The Street.com Ratings.  The Street.com Ratings is an independent ratings service and data has been furnished in part from the Federal Deposit Insurance Corp. The “A” rating places First Federal Bank on The Street.com Ratings ‘Recommended List’ of companies, an elite group of banks representing the top 3% of the industry.

 First Federal Bank of Florida is a well capitalized institution, with $836 million in assets, a cushion of $84 million in capital and $10.7 million in reserves.  First Federal Bank is thoroughly examined by the Office of Thrift Supervision, who ranks First Federal as “Well Capitalized.”  First Federal Bank of Florida earned a “5 Star” “Superior Institution” rating from Bauer Financial, Inc., Coral Gables, Florida.  Bauer Financial compiles their ratings from financial data as reported to federal regulators.  Financial data is un-audited as of 03/31/2010.

First Federal Bank of Florida Acquires Flagship National Bank of Bradenton, Florida | First Federal Opens Yulee Branch