First Southern Bank takes over Haven Trust Bank Florida

By Palm Beach Business.com

BOCA RATON — First Southern Bank has taken over all of the assets and assumed substantially all of the deposits of Haven Trust Bank Florida, headquartered in Ponte Vedra Beach from the Federal Deposit Insurance Corp.

Cost of the deal: $127.3 million, in what’s called a loss-share transaction with the FDIC. That means the bank and the FDIC will split any losses on certain assets, including mortgage loans.

The move gives Boca Raton-based First Southern its first presence outside of South Florida. In February, the bank raised about $400 million to expand the bank’s footprint in Florida.

Haven Trust has an office in St. Augustine, in addition to the one in Ponte Vedra Beach. It had $148.6 million in total assets and $133.6 million in total deposits as of June 30.  First Southern has five officess: one in North Palm Beach and one each in East and West Boca Raton in Palm Beach County, and one each in Coral Springs and Fort Lauderdale in Broward.

The Florida Office of Financial Regulation closed Haven Trust Bank Florida today and appointed the FDIC as receiver. The FDIC, which insures deposits in its corporate capacity, entered into an agreement with First Southern Bank for the transfer of the Haven Trust Bank Florida deposits following competitive bidding.

 “First Southern has strong capital to provide both reassurance and capacity to customers in the region, and we welcome them to our bank,” First Southern CEO J. Herbert Boydstun said in a statement. “As a result of our solid capital position, we have money to lend and can satisfy the credit needs of our customers, helping them build their businesses, meet the demands of growing families and save for a secure financial future. We also welcome employees of Haven Trust Bank Florida to First Southern Bank and look forward to working with them to provide the kind of service that customers expect and deserve.”