Small Florida Bank is 8th U.S. Failure This Year

Bank regulators closed a small Florida-based bank late today.

The Federal Deposit Insurance Corp said First Priority Bank had $259 million in assets and $227 million in deposits and its failure will cost the federal fund that insures deposits an estimated $72 million.

SunTrust Banks Inc has agreed to assume the insured deposits of First Priority, whose six branches will reopen Monday as branches of SunTrust Bank.