Alert: TD Bank Acquires 3 FL Banks

In an announcement from the Federal Deposit Insurance Corporation (FDIC), TD Bank was revealed to have acquired: AmericanFirst Bank, Clermont, which was closed by the Florida Office of Financial Regulation; First Federal Bank of North Florida, Palatka, closed by the Office of Thrift Supervision; and Riverside National Bank of Florida, Fort Pierce, closed by the Office of the Comptroller of the Currency. The three failed institutions were not affiliated with one another.

The branches of the three closed institutions will reopen as branches of TD Bank, N.A. under their normal business hours, including those with Saturday hours. Depositors will automatically become depositors of TD Bank, N.A.

As of December 31, 2009, AmericanFirst Bank had total assets of $90.5 million and total deposits of $81.9 million; First Federal Bank of North Florida had total assets of $393.3 million and total deposits of $324.2 million; and Riverside National Bank of Florida had total assets of $3.42 billion and total deposits of $2.76 billion. Besides assuming all the deposits from the three Florida institutions, TD Bank, N.A. will purchase virtually all their assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for AmericanFirst Bank will be $10.5 million; for First Federal Bank of North Florida, $6.0 million; and for Riverside National Bank of Florida, $491.8 million.

For more on troubled institutions, see the interactive map of the year's failed banks and credit unions.