WEST POINT, Ga., Sept. 9, 2011 /PRNewswire/ -- Charter Financial
Corporation (NASDAQ: CHFN) announced today that its wholly owned
subsidiary, CharterBank, has entered into a definitive agreement
with the Federal Deposit Insurance Corporation ("FDIC") to assume
the deposits and certain assets of The First National Bank of
Florida, a full-service bank with
eight locations in the Florida Panhandle. The Office of the
Comptroller of the Currency declared The First National Bank of
Florida in Milton, Florida, closed today and appointed
the FDIC as receiver for The First National Bank of Florida. CharterBank entered into a purchase
and assumption agreement whereby CharterBank assumed all of the
deposits and substantially all of the assets of The First National
Bank of Florida. The purchase and
assumption transaction includes loss share coverage of 80% of
losses incurred on the disposition of loans and foreclosed real
estate.
All of the branches of The First National Bank of Florida will reopen as branches of CharterBank
at their next regularly scheduled hours of operation on either
Saturday, September 10, 2011 or
Monday, September 12, 2011. All
depositors of The First National Bank of Florida will automatically become depositors
of CharterBank, and deposits will continue to be insured by the
FDIC. This transaction marks CharterBank's third FDIC assisted
acquisition after which CharterBank will now operate locations in
Georgia, Alabama, and Florida
Panhandle.
Robert L. Johnson, Charter
Financial CEO, commented, "We welcome the customers and employees
of The First National Bank of Florida to the CharterBank family. Customers
can be confident that their deposits are safe and readily
available. CharterBank is firmly rooted in small town banking
and has a rich history of serving and bringing out the best from
its communities since its founding in 1954."
As a result of The First National Bank of Florida acquisition, CharterBank will assume
approximately $253.0 million in total
deposits and $189.5 million in total
loans.
Stifel, Nicolaus & Company, Incorporated served as financial
advisor to Charter Financial Corporation in the transaction.
About Charter Financial Corporation
Charter Financial Corporation is a savings and loan holding
company and the parent company of CharterBank, a growing
full-service community bank. Charter Financial Corporation is in
the mutual holding company structure. CharterBank is headquartered
in West Point, Georgia, and
operates branches in West Central Georgia, the Florida Panhandle and East Central Alabama.
CharterBank's deposits are insured by the Federal Deposit Insurance
Corporation.
Forward-Looking Statements
This release contains "forward-looking statements" that may
be identified by use of such words as "believe," "expect,"
"anticipate," "should," "planned," "estimated," and "potential."
Examples of forward-looking statements include, but are not limited
to, estimates with respect to our financial condition and results
of operation and business that are subject to various factors that
could cause actual results to differ materially from these
estimates. These factors include but are not limited to general and
local economic conditions; changes in interest rates, deposit
flows, demand for mortgages and other loans, real estate values,
and competition; changes in accounting principles, policies, or
guidelines; changes in legislation or regulation; and other
economic, competitive, governmental, regulatory, and technological
factors affecting our operations, pricing, products, and
services. Any or all forward-looking statements in this
release and in any other public statements we make may turn out to
be wrong. They can be affected by inaccurate assumptions we
might make or known or unknown risks and uncertainties.
Consequently, no forward-looking statements can be
guaranteed. Except as required by law, the Company
disclaims any obligation to subsequently revise or update any
forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.
SOURCE Charter Financial Corporation