St. Cloud Takes Over Two Florida Banks

ST. CLOUD – The FDIC closed two banks last Friday, bringing the number of closed banks to 71 in 2009 due to the weak economy and rising loan loses.

The Federal Deposit Insurance Corporation appointed Stearns Bank of St. Cloud to be the receiver of First State Bank of Sarasota, Florida with $463 million in total assets and $387 million in deposits and Florida and Community National Bank of Sarasota County with $97 million of assets and $96 million in deposits.

Stearns Banks agreed to take all the deposits and decided to buy $451 million of First State Bank assets and $94 million of Community National Bank assets.