Atlanta-based Sun Trust Banks has agreed to assume the insured deposits of a failed Florida bank. A spokesman for the FDIC says First Priority Bank of Bradenton, Florida has quote "significant loan losses" in that state’s commercial real estate market. First Priority is the 8th U.S. bank to fail this year. SunTrust Bank of Atlanta - the nation's 13th largest bank – will assume First Priority’s insured deposits. The six First Priority branches will reopen today as SunTrust branches. Depositors of the failed bank will automatically become depositors of SunTrust, and accounts will continue to be insured by the FDIC. As of June 30, First Priority had total assets of $259 million and total deposits of $227 million. At least $13 million are in uninsured deposits, which could exceed the FDIC's insurance limits.
