Material Loss Review of First Priority Bank, Bradenton, Florida. Audit Report

摘要

As required by section 38(k) of the Federal Deposit Insurance (FDI) Act, the Office of Inspector General (OIG) conducted a material loss review of the failure of First Priority Bank (FPB), Bradenton, Florida. On August 1, 2008, the State of Florida, Office of Financial Regulation (OFR), closed FPB and named the FDIC as receiver. On August 19, 2008, the FDIC notified the OIG that FPBs total assets at closing were $241 million, and the estimated loss to the Deposit Insurance Fund (DIF) was $72 million. The audit objectives were to (1) determine the causes of the financial institutions failure and resulting material loss to the DIF and (2) evaluate the FDICs supervision of the institution, including implementation of the Prompt Corrective Action (PCA) provisions of section 38.