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(This story, in slightly different form, originally appeared in Incisive Media’s Daily Business Review.)

SARASOTA, FL-Regulators have shut two local banks and sold them to a Minnesota bank. First State Bank and Community National Bank of Sarasota County were closed Friday by the Florida Office of Financial Regulation and Office of the Comptroller of the Currency, respectively. Both appointed the Federal Deposit Insurance Corp. as receiver.

St. Cloud, MN-based Stearns Bank assumed all of the deposits of the two banks, excluding about $8 million in brokered deposits. The FDIC will pay the brokers directly for the amount of their funds.

The FDIC estimated that the cost to the Deposit Insurance Fund will be $116 million for First State and $24 million for Community National. The state’s largest bank failure to date, Coral Gables-based BankUnited, will cost the fund an estimated $4.9 billion. BankUnited was sold to a private equity group May 21 and reopened under its existing name.

First State Bank’s nine branches and Community National’s four branches reopened Monday as Stearns Bank branches. The regulators’ actions bring to eight the number of Florida bank failures during the current recession and the sixth this year.

As of May 31, First State Bank had assets of $463 million and deposits of about $387 million. In addition to assuming the deposits of the failed banks, Stearns Bank agreed to purchase approximately $451 million of First State assets and $94 million of Community National assets.

As of June 30, Community National had total assets of $97 million and total deposits of approximately $93 million. Stearns Bank will pay the FDIC a premium of 0.25% to assume all of the deposits.

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