United Fidelity Bank, fsb, Evansville, Indiana, Assumes All of the Deposits of First City Bank of Florida, Fort Walton Beach, Florida — 2020-10-16

WASHINGTON – First City Bank of Florida, Fort Walton Beach, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The failed bank experienced longstanding capital and asset quality issues, operating with financial difficulties dating back to 2009, which are not related to the current economic conditions resulting from the pandemic. To protect depositors, the FDIC entered into a purchase and assumption agreement with United Fidelity Bank, fsb in Evansville, Indiana, to assume all of the deposits of First City Bank of Florida. The two branches of First City Bank of Florida will reopen as branches of United Fidelity Bank, fsb on Saturday, October 17. The drive-up windows will be open during normal business hours; however, lobbies of these locations will remain accessible by appointment only.