First Priority Bank

Who: First Priority Bank

What: Eighth bank failure of 2008 (Aug. 1, 2008)

Where: Bradenton, Florida

Why: Had the highest level of non-performing loans among banks in the Tampa Bay area as of March 31 (19 percent of its loan portfolio was non-current).

Fast Facts: First Priority Bank entered into a purchase and assumption agreement with SunTrust Bank, which assumed the failed bank's insured deposits; as of June 30, 2008, First Priority's assets totaled $259 million, with its deposits totaling $227 million...approximately $13 million of deposits were uninsured and held in 840 accounts that potentially exceeded insurance limits; First Priority posted a net loss of $3 million for the first quarter of 2008.

View the press release

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