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Flagship National Bank customers: we're proud to welcome you to First Federal Bank of Florida, a top performing bank in north Florida. As of October 23, 2009, 6 p.m. EST, all Flagship National Bank customer deposits are now deposits of First Federal Bank of Florida, one of the most stable banks in Florida.

Flagship National Bank customer deposits — including checking accounts, savings accounts and certificates of deposit — are now backed by the strength and security of First Federal Bank of Florida and the Federal Deposit Insurance Company (FDIC). First Federal Bank has more than $640 million* in assets and is a well capitalized institution. First Federal is  examined by the Office of Thrift Supervision (OTS), who ranks First Federal as “Well Capitalized". First Federal earned a “5 Star - Superior” rating from Bauer Financial, Inc., as well as an "A" rating from TheStreet.com.

For more information, read the press release below or browse through other topics listed in the bar on the right.

First Federal Bank of Florida Acquires Flagship National Bank of Bradenton, Florida

LAKE CITY, FLORIDA, First Federal Bank of Florida announced purchasing Flagship National Bank, Bradenton Florida.  This acquisition closed October 23, 2009. The terms of the acquisition will be released at a future date.

First Federal Bank of Florida has 11 community branches in north Florida. First Federal Bank of Florida is ranked as one of the top performing banks in the U.S. by TheStreet.com, an independent ratings firm. First Federal is examined by the Office of Thrift Supervision, (OTS) who ranks FFBF as “Well Capitalized.”  First Federal enjoys a solid balance sheet, ample liquidity and reserves. First Federal Bank of Florida earned a “Superior, 5 STAR” rating from Bauer Financial, Inc.
First Federal has been serving customers in Florida since 1962, when it opened as a Savings and Loan in Live Oak, Florida. Today the bank has a well managed portfolio of business, mortgage and personal deposits, serving over 45,000 customers, and employs over 198 people. 

"This acquisition creates what we believe will be a valuable proposition for our customers, communities, employees and Board of Directors with potential for market growth and building relationships." said First Federal President and CEO Keith Leibfried. "Our customers can benefit from greater convenience and a better value by entrusting us with their business. Our communities can benefit because we want to be a leading contributor of financial, human and social capital in every community in which we do business. Our employees can benefit from expansion opportunities.   We are being deliberate in our acquisition and transition. We will take the time necessary to transition the bank - to put our customers’ interests first, and satisfy their financial needs and help them succeed financially."

Pam Hitt, Executive Vice President and COO of First Federal Bank of Florida said Flagship customers will continue to see the Flagship National Bank brand in their banking branches and communities for the near future. "The key to a successful integration will be our ability to provide outstanding customer service throughout the acquisition" said Hitt.  “Flagship National Bank and First Federal Bank of Florida customers should continue banking as they do today - using the same bank accounts, payment coupons, online sign-on, credit cards, ATM and check cards, checks and bank branches. We are committed to keeping customers informed of all significant changes before they happen."

First Federal Bank of Florida acquired all deposits of Flagship National Bank in an FDIC assisted transaction. As a result of the transaction, First Federal Bank of Florida acquired Flagship National Bank and certain assets and liabilities including all deposit accounts.

With Flagship National Bank, First Federal for the first time has a community banking presence in Bradenton and Sarasota, Florida.

First Federal Bank of Florida is a mutual bank with assets of $640 million* providing banking, loans, mortgage and consumer finance through 11 branches in north Florida and the internet (www.ffsb.com). With the acquisition of Flagship National Bank, First Federal now has 15 branches.  First Federal Bank of Florida has an “A,” “Excellent Financial Strength” rating from TheStreet.com, an independent ratings service.  The “A“ rating places First Federal Bank of Florida on TheStreet.com Ratings, ’Recommended List’ of companies, an elite group of banks representing the top 3% of the industry.  First Federal Bank  earned a “Superior - 5 STAR” rating from Bauer Financial, Inc., Coral Gables, FL. Bauer Financial compiles their ratings from financial data as reported to federal regulators. First Federal is ranked a, “5 Star, Superior” bank from BankRate.com
   
*Financial data as of September 30, 2009.
First Federal Bank of Florida is Member FDIC and an Equal Housing Lender.